Boomer Obsession with Dow: Heigh Ho, Heigh Ho, Off to Work We Go Isn't Much of an Option
The last two days have brought deep comfort for boomers. The Dow was not only up. It's been up a lot. Here's a snapshot this morning:
That is the news boomers (and the oldest of Gen X) need. That's because as a coach I know one thing: Working for income has become less and less an option in aging.
Sure, there are exceptions such as Martha Stewart who is still busy in the kitchen in her 80s. Paul Chaney, nearing 70, has been starting a number of tech-related enterprises. In his 90s, investment guru Warren Buffett is still crushing it. Among the youngest of the boomers, Paul Weiss law firm chair Brad Karp has kept himself marketable in a sector that's mutating.
But in general the optimism and energy in heigh ho, heigh ho, off to work we go is being sucked away by the new realities.
At the top of the list is that there isn't that much work to go around which the aging could do, at least that makes financial common sense. One client considered delivering groceries for a big box. Then they thought again when they assessed the wear and tear on the car. What did make sense was getting a license for commercial driving. But driving a school bus is seasonal and this summer they'll again be looking for work.
What about caring for the elderly? There's a need for that service. But the former all-business middle manager might not be suited for hands-on personal care.
In addition, for what is available there's stiff competition from Gen Z. Too many, even college graduates, are underemployed or unemployed. They are grabbing those gigs such as operating the counter at a truck stop. In addition is the usual bias against the aging.
Another negative is the constant change in hours assigned for work. That fluctuation ranges from security guard positions to retail. That's hard on the body and emotional stability.
For those who do intend to pursue the work route there does remain an attractive option: Being self-employed. That's what Chaney found out and what he advocates for the aging.
It isn't that difficult to set up an online business. You could farm out the fulfillment or do it on your kitchen table.
Another kind of enterprise follows the old model of the urban junkman in the 1940s. They would go from neighborhood to neighborhood with their horse and wagon hawking everything from second-hand merchandise to fresh produce. Today's version is almost an artist in spotting what can be sold.
Meanwhile, if you have a source of income from work, hold on to it. Those I coach who are attempting to unretire are up against severe obstacles. Those include being out-of-date in technology, not understanding how the employers have the upper hand and being unwilling to reskill for what is marketable.
Overwhelmed by the uncertainty? Special expertise with
transitions, reskilling and startups. Complimentary consultation with Intuitive
Coach Jane Genova (Text 203-468-8579, janegenova374@gmail.com).
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