Executives Will Not Be Retiring Soon

Recently the unemployment rate reached 7.6%, its highest peak in 35 years, and some economists predict it will continue to rise into the double digits. A recent 2009 survey conducted by 6FigureJobs.com has found that there is a new variable contributing to an already competitive job market that goes beyond layoffs and downsizing.

Every year experienced workers retire creating new opportunities for many to advance in their career, and this creates a chain reaction of new job opportunities. The Baby Boomer generation makes up more than a third of the nation's workforce, and they fill many of the senior level and executive jobs. Many Boomers have reached retirement age and their retirement could create a huge demand for educated professionals rising in the workforce. Unfortunately, with the downturn in the market, many Boomersí retirement investments were significantly affected and they will not be retiring as planned.

When 6FigureJobs.com surveyed its executive members on how the market affected their retirement plans, 46% said they will delay their retirement. Retirement does not even seem possible to 31% of the executives polled. Only 8% said they will still retire as planned, with half of that 8% saying they were unaffected, and the other half saying they will just retire with less than planned.

Social Security defines full retirement age as 67 for those born after 1959. Trends show that the majority of executives are planning to work well beyond the traditional retirement age. A 6FigureJobs.com survey conducted in 2005 showed that the majority of executives planned to retire between age 61 and 65. According to the 2009 survey, the recent majority is planning for over age 70 for there retirement. In addition, the survey showed that as many as 19% have no intention of ever retiring.

The rising unemployment puts great strain on the job market and the rising retirement age, along with the delay in the Boomers retirement, creates an even more competitive executive level employment market. Experienced executives will need to find more creative ways to market themselves.

ìThese are trying times for people, regardless of what salary band you are in,î said Steve Purello, CEO and President of Workstream Inc., parent company of 6FigureJobs.com and Allen And Associates. ìWe are in the business of helping our job seekers get hired. We want to give them the jobs and exposure they need to compete and get back to work quickly and continue planning for their future. 6FigureJobs.com and Allen And Associates are appropriate avenues for them to do so.î