Lost My Job? Here’s How to Tackle Retirement Worries Head-On!

• At 57, Donna Kopman faced a life-changing moment when she was laid off from her role as a sales operations manager last December.
• Despite sending out a staggering 400 applications, only two interviews came her way, leaving her to navigate this challenging time with her savings and unemployment benefits.
• Donna believes that some employers may hold ageist views when considering her qualifications, a bias she feels strongly during her job search.

This narrative stems from a conversation with Donna Kopman, a Portland, Oregon resident who is bravely tackling the realities of job hunting in her late 50s. The insights shared here have been refined for clarity and brevity.

I was leading a dynamic sales support team of 15 for Milestone Systems, a software company, when everything changed. Just a few weeks before my birthday, management announced impending layoffs. Imagine my shock when that very news became my reality on my special day. Instead of celebrating, I spent Thanksgiving anxiously anticipating what was to come, and my instincts proved correct.

While I bear no ill will, it certainly stings.

Job Searching is a Full-Time Commitment

Right away, I knew that finding a new role at my age would be an uphill battle. The harsh truth is: the older you are when laid off, the tougher it gets to find a position that matches your experience and salary.

After taking some time to regroup, I dived into my job hunt in January. I revamped my résumé and explored platforms like LinkedIn, Indeed, and various job apps. My routine? Eight hours a day, from Sunday to Tuesday, and a little on Wednesday, treating this search as if it were my full-time job. Then, I allow myself a few days off to recharge and stay balanced.

I’m casting my net wide – applying to jobs not just in Portland but also remote opportunities. Though I’ve found several openings that align closely with my past experience, I’ve often spent hours customizing my résumés, only to receive a generic rejection barely a day later.

It’s disheartening. On tough days, I feel defeated, but I remind myself that it’s likely an algorithm making these decisions, not a person.

From 400 Applications to Just 2 Interviews

Since January, I’ve fired off around 400 applications. It’s a numbers game, as they say.

To broaden my chances, I’ve even considered taking on junior roles, like executive assistant positions. Part of me thinks about whether I want to manage people again, while the other part just craves a steady paycheck.

So far, I’ve only scored two interviews with hiring managers. It feels like we’re in an employer’s market these days. For every position I apply for, hundreds of others are competing for the same spot. Back in my earlier role as a hiring manager, we’d be thrilled to see 20 applications.

I suspect that due to the sheer volume, companies are relying heavily on automated systems to filter candidates. While I get the efficiency, it strips the personal touch from the hiring process.

Age Bias in the Hiring Process

Many employers might look at an older candidate and immediately associate them with higher salary expectations due to their experience. This assumption can lead to automatic exclusions when budgets are tight.

Yet, many of us seasoned professionals are open to earning less just to remain in the workforce.

There’s also this myth that older workers can’t learn new tech – a stereotype that simply isn’t true. I’m committed to continuously learning to stay relevant in this fast-paced world.

Interestingly, younger employees may feel threatened by hiring someone more experienced. They might worry that an older candidate will take their place. I try to convey my strengths without overpowering them in interviews.

Ageism is a persistent issue in American workplace culture, yet it’s often swept under the rug. How do we change this narrative? A diverse team leads to a stronger, more vibrant work environment.

Willing to Accept Less

In my last position, I earned $110,000 annually, including bonuses. Now, I’m applying for roles that pay as low as $60,000 a year.

This is a balancing act I’m willing to undertake to stay in the game, especially since healthcare is often tied to employment. Right now, I’m shelling out $900 a month for COBRA just to keep my previous health insurance intact.

While I’m receiving unemployment benefits, they don’t cover my bills, so I’m dipping into my savings. I just pray I land a job before those benefits run out.

Since being laid off, I’ve cut back on dining out. I’d love to use this time to travel, but every dollar counts, and the uncertainty of my job search looms large.

How Unemployment Affects Retirement Plans

I had plans to retire in my early to mid-60s. However, without full Social Security payments until I’m 67, I face a decade-long gap I need to bridge. If I want to consider retiring earlier, I have to find ways to bolster my finances quickly.

We must do more to keep older professionals in the workforce. Many are depleting their 401(k)s just to make ends meet, which is a frightening prospect.

Taking longer to find employment or accepting a lower-paying job could push back my retirement plans, and I genuinely hope to avoid that.

Yet, I hold onto hope. I know I bring immense value to potential employers, and I’m confident that I will find a fulfilling role that suits me.