The idea of retiring at 65 has become “old-fashioned” as more people continue to work past retirement age in the Bay of Plenty.
While some are taking early retirement due to the fallout of Covid-19, others in the 65-plus age group are working longer than expected.
However, finding a new job at retirement age wasn’t easy and those who’ve worked in the same company for decades were finding it tough not knowing how to look for a new job or where to find one.
Stats NZ estimates about 16,300 people in the Bay aged 65-plus are still employed – up from 12,300 in the September 2019 quarter.
The Bay’s employment rate for that age group reached 27 per cent, compared to 18 per cent in the September 2010 quarter.
Successful Resumes Bay of Plenty branch principal Miriam O’Connor said she had noticed people aged 65-plus seeking work – particularly over the past year.
“Some people in that age group feel they have to work longer than expected because they are uncertain about the economic future or weren’t getting the returns on their investments or older people fit and well who wanted to keep contributing,” she said.
“Some people are taking an early retirement because of it [Covid-19] while others are looking for other opportunities in the workforce.”
O’Connor said people who had been in the same company for 20 years were “knocked the hardest” and had no idea about how to go about applying for a new job.
They’ve lost confidence in where to look, how to navigate different job search sites, or even how to craft a CV, she said.
“The whole job search process has changed quite a bit,” she said.
“It’s about emphasising the value and skills you bring and putting dates that don’t go back too far. You don’t necessarily have to put your birth date on the CV either.”
She said retirement age job seekers should apply for jobs that were a “good fit” for them and in similar industries to where they’ve worked in before.
“It is about identifying their own skills in whatever sector they have been working in and trying to find organisations that have roles for more mature workers.”
O’Connor said senior workers can bring experience in the workforce, were reliable, had a good work ethic and fit well in a mentor role.
“There are organisations that will really value the experience they bring,” she said.
Click to view the full article: Bay of Plenty Times
Tips for Retirement
– Carry on working if you’re enjoying it
– If you’re feeling less motivated, perhaps look at working shorter hours or going part-time
– KiwiSaver was a good way to “grow your money” – but seek advice first
– Think about how you can look after your children and grandchildren
– Once retired, think about your purpose – join a club, volunteer?
– Remember, you’re not retiring from life
Source: Commission for Financial Capability retirement commissioner Jane Wrightson