Boomers’ Retirement Plans Stalled by Tough Job Market

Baby boomers looking to secure a full-time job ahead of retirement aren’t finding much success in the current job market.

Older Americans who need a few more years of work to achieve financial stability for retirement are facing challenges. Business Insider uncovered this trend through reader surveys on work and retirement.

“I don’t know when I’ll retire because Social Security is not going to be enough,” Gino Marconi, 64, said. “My wife used to say I should do whatever increases my income, but I’m not going to work as an engineer making no money.”

Marconi is one of many older Americans struggling to find stable work in a job market that has grown more challenging in recent years. Excluding a two-month pandemic-related drop in 2020, U.S. businesses are hiring at nearly their lowest rate since 2013, according to data from the Bureau of Labor Statistics.

Marconi earned $60,000 a year as a sales representative for an outdoor supply company until two years ago, when he resigned due to the stress of long days on the road. Since then, he has applied to over 600 remote and in-person positions across various industries and skill levels but suspects he’s being rejected for being overqualified.

He’s tried omitting the years he completed certain degrees and certifications on some applications but to no avail. Marconi said he hopes to retire in a few years and rely on Social Security income, but his plans may change if he is unable to secure higher-paying work.

He is working part-time with a transportation company for a hotel chain and is taking steps to become a full-time insurance agent. He expressed frustration with the application process, recalling an instance when he was stood up for an interview, but remains optimistic while cutting back on unnecessary spending.

“My home is paid off, my cars are paid off,” Marconi said. “But I need to keep going until I get back to work.”

As of January, the unemployment rate for Americans aged 55 and older was just 3%, compared to 4% for all workers. Some older Americans say that while they could technically retire, they are delaying their plans due to concerns that their savings and retirement income won’t be enough if unexpected expenses arise. There are also boomers who want to keep working to stay busy.

“There are the people that love their job, working or even volunteering,” said Deb Whitman, AARP’s chief public policy officer, adding, “There’s sort of a social connection, a sense of purpose and meaning that people get.”