EDITORIAL AUGUST 14, 2005

Build our Strengths? Or Fix our Weaknesses?

Today's column based on Smart Money article by Marcus Buckingham.
His website is: http://www.marcusbuckingham.com

Hi, Marcus.

Your picture in Fast Company suggests a thirtysomething kind of guy.

At FortyPlusNY, we're at the far end of the age spectrum ...helping senior workers who are 40, 50 or 60 ...and then some...find new jobs after being "Dropped Out" of the workforce.

Your column got our attention...especially the main theme: "Build on Strengths vs Fix our Weaknesses?"

How do you suggest we "Fix" the Age Thing?
Oh, sure...there's botox and the gym and hair tints and computer classes.

But for workers who's musical memories include ABBA, Blondie and Baez...and can stretch all the way back to Dinah Shore, Bing Crosby and Glenn Miller ...(and who cringe at today's rap lyrics)...there is something about that Big Clock in the Sky that ain’t singin’ lullabyes anymore.

So who cares? Let’s start with the 75,800,000 Boomers.

They begin to hit the Big Six O next year (1946 to 1964)...and 2006 is just the toe in the water for this cohort. Behind the firsties comes a Tsunami of Seniors.

The good news, as you may know, is that today's seniors are younger, fitter and more energetic than at any time in history.

The bad news is that as they start hitting senior status...over half of them will have zero (ZERO) savings! So how are they going to retire?

Answer: For lots of them...they aren’t. Ever.
That’s the ugly reality of what happens when a nation allows itself to indulge in neverending inflation...the comfortable house their parents bought for $25,000 now fetches $400,000 in places like San Diego.

For Boomers who are lucky, this is all grand; a lucky Boomer, who held a good job...can have a hugely appreciated home AND inherit another hugely appreciated home when his parents die. American Lotto pays off, bigtime.

This bountiful outcome is happening for the Lucky Half, and pending a real crash in the Housing Bubble, has created a huge amount of New Wealth.

But let's return to Boomers with a less rosy outlook:

John's Dad was ill for some time. (Cash drain). Mom still lives in the house, but in an area of Ohio that has seen non-stop job losses. She had little left when Dad died...and his old company went belly up and his benefits disappeared. His Social Security check was never very big. So there is no cash. And their house is not worth a lot. And won’t be anytime soon.

None of this mattered last year; John steadily climbed up the career ladder ...he got his education when it was still affordable, and he'd been in his last job for 12 years. Then, (admittedly not really "out of the blue") his company got acquired. Surprisingly to him, HE was one of the Dropped Outs. A fine job evaluation meant nothing; "Cut staff...15,000 people...on Christmas Eve."

At first, John wasn’t worried. He has a home, savings, investments, and a modest but growing retirement account. Then Mom got seriously ill. Her state took everything before shunting her off to Medicaid.

John started looking for a new job. He did it on a sort of "part-time basis," assuming that it just wouldn’t be that hard to get reconnected. Wrong. Somehow, he was never "quite right" for the next job.

Six months later, John woke up to realize that he had no health insurance, his savings were badly depleted, he'd let his credit card balances creep up, his car was now getting cranky...and the monthly bills were shockingly higher than he had realized.

With no new funds flowing into his retirement account, and the market (since 2001) going nowhere...plus the hit his portfolio took when the Tech Bubble burst...John realized he was in trouble. Serious trouble.

His medical expenses keep creeping up; his meds plus his wife’s pills...plus the now outrageous expenses from the vet when their Old Dog Tray needs a visit...it's all just too much. Then, last winter's trip to Florida was MUCH more expensive then he recalled from earlier years. And his new Property Tax bill stunned him.

Now John got serious. He really buckled down and started a crash course to find a job. He got an interview! A good company he knew well (he was perfectly qualified) was looking. But the moment he stepped into the room,
he knew he had a problem.

He saw it on the face of the young fellow who would interview him.
You know what happened. Somehow he was not called back.

Back to your article...John’s "Strengths" were never in question.
He'd been there, done that and been highly regarded in his last job.
But, at M&A time, he was...expendable.

In fact, his sole "Weakness"...was his age. How're ya gonna fix THAT?

The Good news: John did find a job, thanks to FortyPlusNY.
We helped him refocus his resume...create a viable Job Search Strategy, and, most important, buffered him from the Age Issue. Since we all face that, it is only an Issue, not a Fatal Flaw.

Those of us who live it are way past the "Unfairness" phase.
We've figured out how to deal with it and how to move on.

Bottom line, our Experience is our Strength.

Richard Calderhead    FortyPlusNy/August 14, 2005

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