These folks are dipping early into their retirement funds or triggering – early – their social security payments. And many of these folks weren’t even planning to retire at 65; for them, this is becoming “extra-early” retirement.
Even if you are not in this age group, this is bad news for you as an exec because we’ve all been counting on this large population bracket to buck historical trends and keeping spending freely into their Springsteen 60’s – all the way to the Eastwood 80’s. But if we kick them out of the workforce prematurely – and at least a few horses are already out of the barn on this one – we’re putting our already fragile economy at even further risk.
Many of these folks are willing to work now for less – less salary and fewer benefits. They know what they’re doing and they have more energy than any 55-64 group in history. As the President, the Congress and responsible business leaders struggle to drum up more jobs for Americans in 2010, it would behoove them to consider this valuable group.
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Erik Sorenson is CEO of Vault, the Web’s most comprehensive resource for career management and job search intelligence. Vault provides top talent with the insider information they need to make critical career decisions. An Emmy award-winning media industry veteran, Erik served as president of the MSNBC cable news channel through 2004. His experience spans radio, local and network broadcast television, cable and syndicated TV, and the Web.
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