I had just turned 60 when I was let go in January. I find the actions of BNYM completely reprehensible since Im not eligible to collect social security for another 2 years. It is well-known that no one wants to hire people in their 50s and 60s anymore for a myriad of reasons. So far, I've been unsuccessful at getting any nibbles on my job applications. I would like to know how others in my age group are faring. Thank you to anyone who responds. And good luck to us all!
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I was let go in January and started looking in March for a new job. I am in my late 50's and worried about getting hired at my age. In April I went on quite a few interviews and landed a job. I actually got a couple of offers and accepted one in a different field, not in banking. Benefits and pay are just about what I left the bank at. My new Manager is my age as well as some higher ups and a few others in my group. I was never upset about the layoff, one door closes and another one opens. I did work with Right Management and used them as a resource to revise my resume and cover letter. I found bringing your resume up to current standards and showing your talents really helped.
Yes, there is hope after age 50! I got laid off and found a job, it took me a full year of searching but I actually had 3 offers to choose from. I'm much happier and my blood pressure is normal again, now that I am not working at such a dysfunctional company. My new company is a very pleasant atmosphere and I work from home on Fridays. No complaints!
OP here. I want to thank all of you who have so generously and sincerely responded. Knowing that there are others who have gone through this and have offered their support and understanding, is so helpful and encouraging. In the meantime, I actually have turned to consulting and it’s proving to be a wise alternative. Fortunately I do have strong computer skills and am much “younger” than my chronological age. I can set my own hours and terms. I’m making lemonade out of lemons. Hey, maybe BNYM did me a favor after all!
What about if one is 70 or older?
Try former employers. Some have reached out to me to see if I am available, but I am still at BNY. I left those jobs for good reasons, and never thought I’d return, but who knows.
We hire contractors in their 50s and 60s all the time, so that's one option to look into. We've hired employees in their 50s, but none in their 60s.
There was one contractor who was a total id--t, but still managed to get paid for a year until they decided to not renew his contract. I always figured if that guy could get a job, anyone could.
You should look into consulting work for the next two years as well.
Try to work with headhunters, not ideal and a lot of shady things in this space but if you find a good one go with her/him... I work for a competitor and I just hired a guy in his early 60s. A good headhunter will help you adjust your resume and may pitch you to companies/gigs that are more open to hiring folks closer to retirement. I have a hard time placing older folks in growth roles as it often takes many years to develop resources, yet there are many roles that do not require growth and extensive training and you may be a match...
I am in my mid 40s and have been managing people for a while now - 55+ folks are more reliable, less expensive, less choosy/picky and in general much easier to manage - so do not assume that you are in a difficult situation due to your age in all situations. Where I sometimes see challenges has to do with lack of technical skills and lack of energy - if you are decent in those two areas in you are in good shape, something somewhere will click.
Good luck!
I was laid off in my 50’s and was successful finding another job. I used the outsourcing service which was excellent because my resume was in 1980’s style. I also was not giving myself credit for everything I know. So take as much resume advice as possible. Network like mad. And above all stay positive. Positive attitudes come through even in your voice on the phone. It matters. I kept telling myself that fools get hired every day, so surely there was hope for me. All the best and stay focused, upbeat and positive. Brush up on computer skills too if you need! Good luck!