Uncertain Economy Changes Outlook on Job Status

The economy’s doldrums are prompting the 45-and-older crowd to view employment and retirement in a different light, a new AARP Bulletin survey indicates.

Among other things, the telephone poll of 767 respondents showed that 27 percent of those ages 55 to 64—the group that is approaching retirement age—said they have postponed plans to retire, and 27 percent ages 45 to 54 have sought new employment because of uncertainty about their jobs.

Additionally, 16 percent of those between 45 and 64 said they had lost employment in the last 12 months, while 22 percent in the 45-to-54 age group believed it was at least “somewhat likely” their job could be cut within 12 months.

Losing a job became a reality for Richard Cogliano, 51, of Jamestown, N.Y., who is now among the nation’s more than 13 million unemployed. Cogliano lost his job as a truck driver in April 2008 after 17 years with his employer. Cogliano said he’s sought employment as a driver as well as a diesel mechanic, but so far, his 13-month search for employment has been fruitless. He and his wife, Julie, a diabetic, get by on her monthly $800 disability check.

“We’ve cut everything that we could possibly cut,” Cogliano said. “If a light doesn’t have to be turned on, we don’t turn it on. We didn’t turn our furnace on until January 15.”

The cost of drugs makes their task especially challenging. “I don’t know how some of those other seniors make it,” he said.

Despite the economic downturn, Clarence Willard, 63, retired last September after 30 years as a mechanic and another 10 as a railroad worker. Thanks to his and his spouse’s retirement packages, he said, they’re doing OK in their hometown of Maidsville, W.Va.

“We’re still managing to get the bills paid,” Willard said. “I have probably cut back on my driving [to save money], but we probably eat out more now than we ever did.”

The “AARP Bulletin Survey on Employment Status of the 45+ Population” was conducted May 1 to May 7.

Blair S. Walker is a Miami-based writer.