what to do when laid off at 50

What To Do When Laid Off At 50

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Over the past few years IBM, Lenovo, NetApp, Cisco, BASF and GSK among others have announced layoffs for employees in The Research Triangle Park (RTP).

While being laid off at any age or stage in your career can come as a shock, getting laid off in your 50s, with retirement in sight can completely overhaul your financial plan.

What to do when you get laid off at 50
  1. Check your benefits. While getting laid off at any age can be challenging, certain benefits may be available to help you support yourself until you find a new job. …
  2. Consider looking for supplemental income. …
  3. Experiment with a trial retirement. …
  4. Search for a new source of income.

Jobs for People Over 50 Without a Degree

If you don’t have a college degree, the No. 2 group on the AARP list has the most potential. It’s Sales Representative. The training period is relatively brief and if you’re good at it, there is good money in it.

Another group making the AARP list was Motor Vehicle Operators (taxi, bus, ambulance drivers). Among the many other options that might suit your interests:

Executive assistant, office manager, library assistant, fitness instructor, nonprofit fundraiser, bookkeeper, event planner, caregiver, landscaper, security guard, travel agent, tour guide and teacher’s assistant.

Sample Resumes for People Over 50

There are two standard resume formats – chronological and functional. The first contains an objective and perhaps a career summary followed by a chronological listing of all your employers. Educational information, certifications and other special skills are noted below that.

A functional resume starts with a statement highlighting your abilities and how they helped you succeed in your career. Then you summarize that work history with a chronological list of employers.

If you’re over 50, you want to stress your accomplishments over your age, so a functional resume might be your best option. And you don’t have to go further back than 15 or 20 years in listing employers.

Potential employers aren’t allowed to ask your age, but trying to hide it is a good way not to get a job. If you just play up your skills and the past 10 or 12 years of employment, it might help you get an interview. But when prospective employers expect a 30-something to walk through the door and a 50-plus ambles in, they will feel duped.

If you’re applying for a job that is in a new field, go with the functional resume. Play up the skills you think will translate well into another occupation. Showcase those attributes and show how you grew professionally over the years.

Make it obvious that while you may be an older dog, you know the newer tricks that businesses now run on.

There might be a presumption you are not tech-savvy, so list skills and programs you’ve learned, like Excel or Visio. If you don’t have any such skills, it doesn’t take long to learn them well enough to put on a resume.

In your summary, address the elephant in the room. Stress that you don’t expect to be treated any differently than any other employee, and that you can see yourself excelling in the job for another decade or so.

Most employees don’t last 10 years regardless of their age, so a 50-plus with maturity and experience should have more to offer than a 25-year-old who doesn’t appreciate the true value of a job.

The best way to acquire that is to lose your job when you’re over 50. Believe me, it’s a jolt. But with the right attitude and proper planning, you won’t need a doctor to survive.

what to do when laid off at 50

Joey Johnston has more than 30 years of experience as a journalist with the Tampa Tribune and St. Petersburg Times. He has won a dozen national writing awards and his work has appeared in the New York Times, Washington Post, Sports Illustrated and People Magazine. He started writing for InCharge Debt Solutions in 2016.

what to do when laid off at 50

Home » InCharge Blog » Finding a New Job After 50

Gap Year/Retirement Trial Run

Use this time as a practice or mini-retirement to help you determine what you want your future retirement to look like. This way you can determine if you want to permanently retire for good, work part-time, or start a new career all together. Either way this is an opportunity to travel and spend time with loved ones if resources allow.

Starting Over In Your 50’s – What To Do When You’re Laid Off | Financial Symmetry

FAQ

What do you do when you lose your job at 50?

10 tips for what to do when you lose your job at 50
  1. Evaluate how you’re doing emotionally. Losing a job in your 50s could take an emotional toll. …
  2. File for unemployment. …
  3. Create a plan. …
  4. Keep track of your savings. …
  5. Inquire about insurance. …
  6. Identify your skills and strengths. …
  7. Refresh your resume. …
  8. Commit to searching for a job.

Is it harder to find a job after 50?

It can be especially challenging to find a new job in your 50s and 60s. The unemployment rate for older workers is lower than that of younger workers, but once out of work, older workers seem to have greater difficulties landing a new position.

What to do if you were just laid off?

What to Do if You Have Been Laid Off:
  1. Make sure you know your rights. …
  2. Ask about severance pay and benefits. …
  3. Ask for a letter of recommendation. …
  4. Find out about your pension benefits. …
  5. File for unemployment. …
  6. Update your resume. …
  7. Update your health insurance. …
  8. Take some time to process the layoff.

How do you get hired at 50?

The key to finding a new job after age 50 is to focus on your expertise while also demonstrating your ability to learn new skills. “Your seniority and experience will give you a competitive advantage,” Brush says. “Own it and embrace it, and articulate why it’s an advantage for the company.”

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