Ageism, economic shifts, and finances: Over 600 older Americans shared how they're navigating today's job market

• Older Americans are taking blue-collar jobs or navigating unemployment because of hiring slowdowns.
• Many said that ageism, tech changes, and economic shifts have affected their retirement plans.
• Some said they've found career fulfillment, while others have struggled with financial uncertainty.

Pete Petersen, 58, doesn't know when, if ever, he'll be prepared to retire as he hoped.

Petersen, who spent much of his career working for a consumer products healthcare division of a pharmaceutical company, hasn't worked full-time since early last year. Petersen, who lives in Massachusetts, has been looking, but many jobs pay below the six-figure salary he was earning a few years ago. While he could retire later this year, he would live on half the budget he would've hoped to.

"I could tap my 401(k) in nine months, but then my retirement isn't what I wanted it to be," Petersen said, adding he's accepted he may never land a dream job again. "I need one more job and 401(k) to be able to travel."

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Business Insider has heard from over 600 older Americans who are either looking for work or still working. Unemployed people said it was very difficult to find a job, thanks to ageism in the hiring process, rapidly changing technology, and a lack of open roles that meet their salary expectations or skill sets. Meanwhile, those with jobs are weighing retirement against their financial needs and the sense of purpose they get from work.

As of February, 37.8 million people over the age of 55 were employed and 1.1 million were unemployed, per the Bureau of Labor Statistics.

Through emails and online nonrepresentative surveys over the past three months, readers shared their job search struggles, retirement challenges, and the ways work boosts their savings while keeping them busy. BI combed through more than 500 reader responses from workers 55 and older and over 100 emails and found four main themes. This is the first story in a new series on how older Americans navigate work.

It's hard to get a job as an older American

Scott Strohmyer, 60, has looked for work since he was laid off last year from his partnerships manager job. He said unemployment hurt his finances and forced him to leave Los Angeles — where he lived for 30 years — and move in with family in Nebraska.

Strohmyer said he passed the first round of interviews with six employers but hasn't received a job offer. He's concerned his age and employment gap have made companies less likely to hire him.

"If you don't work for six months, you're quickly becoming irrelevant because technology evolves and changes so quickly," said Strohmyer, who worked in IT for over two decades.

Strohmyer often sees jobs posted that have hundreds of applicants.

"If you see over 100 applicants and the job has been posted for longer than a day, don't even bother, because they're probably only looking at the first 30 to 50," Strohmyer said.

Most older Americans said searching for work late in their careers was challenging. Some recalled recruiters telling them they were too experienced, while others said they were passed over for younger applicants who would accept less money. Higher-paid white-collar workers said open positions in their former pay range were rare.

A few dozen said they haven't learned to use new hiring technology, while others wished they kept up with AI developments to be more marketable.

Some, particularly those over 70 who work because they need the money, said physically demanding positions were off the table, while others said they couldn't sit at a desk for eight hours.

Patty Blue Hayes, who is in her early 60s, has struggled to generate enough income over the past few years. She worked as an independent contractor for a professional training company until 2023, when her program was discontinued.

In 2019, Hayes moved from California to Panama to save money. While she's benefited from the lower cost of living, she said she's struggled to find steady work.

Hayes relies in part on income from a guest house she rents in Panama through Airbnb, but it's not enough. To cover her essential expenses, she said she's used credit cards but has racked up more than $2,000 in debt.

Many are resorting to blue-collar jobs

Many older Americans told BI that they have switched to or are considering blue-collar or noncorporate work because of the slowdown in white-collar hiring.

Some now begrudgingly drive for Uber, work as cashiers, or wait tables. Others said they've appreciated the increased flexibility and reduced stress of these jobs.

In 2018, Victor Jerome retired from his nearly 30-year management career at Ikea. But Jerome said retirement soon became "boring," so he signed up for the gig platform TaskRabbit. Customers pay him to assemble furniture and mount TVs, and he made roughly $55,000 through the platform last year. He said he plans to "really retire" in two to four years.

"After sitting behind a laptop for years planning new stores, the physical nature of tasking was refreshing," said Jerome, 61, who lives in Baltimore.

It's hard to know when to retire or know how much you need

A common theme among respondents was an unwillingness to retire, fearing they wouldn't have enough income through Social Security to live comfortably. Another problem is that they don't know how much they need to retire comfortably.

It's a conundrum for financial advisors, many of whom only agree on certain big-picture principles, like saving consistently and diversifying investments. Financial advisors have told BI that each person's goals and circumstances vary, so there isn't a set number someone needs for retirement.

Stacy Kopper, 63, is unsure how much she'll need or at what age she may stop working entirely.

Kopper, who lives in Wyoming, has worked as a freelance travel director and planning assistant for the last two decades. She earns in the mid-to-high five figures annually.

Kopper thinks she'll need to work for the next few years on a part time basis to stay afloat. While she has about $250,000 in her IRAs, said she doesn't own property and house sits for friends. She and a pal are saving up so they can afford a mortgage together.

Even if she saves enough, Kopper isn't sure if she'll retire. The idea of working at an animal shelter appeals to her.

"My father retired and spent almost every day fishing off the docks, and that was his idea of retirement," Kopper said. "That was not me. I don't see myself sitting around."

Some millionaires are retiring early, while others don't want to retire at all

Many respondents who are better prepared for retirement said they were careful with their money during their careers. Some told BI they wanted to retire early because they derive purpose from family, travel, and other non-work parts of their lives. Others said they could retire, but they're more fulfilled working and fear they would be bored or lose meaning at home.

Jeff Dupper, 57, retired early in December after 35 years working in the aerospace industry. Dupper, who lives in a Denver suburb, earned a robust salary during his career and kept his money in Vanguard low-cost index funds.

After determining he should have enough saved to get him through his 90s, Dupper retired when he and his wife were in the mid-seven-figure net worth range. Dupper said he regrets being too conservative with his money earlier in life, though he said retiring early has given him peace of mind despite some initial hesitation.

"Everyone focuses on the numbers because you can see them, and there's math involved, but there's a soft side," Dupper said. "I lost sleep envisioning the day I would turn in my notice, whether I would regret it financially or would lose purpose."