Maximizing Your Career and Savings: Essential Strategies for Older Professionals

Today, more people over 65 are staying in the workforce than ever before—almost 3 million more than a decade ago. However, only 28% of Baby Boomers aged 60 to 67 have enough retirement savings, according to Motley Fool.

In addition, over 10% of older Gen X and younger Baby Boomer workers have taken pay cuts just to keep their jobs. If you feel you’re behind in saving for retirement, there’s still time to make progress.

Here are three practical career steps you can take:
 

1. Aim for High-Paying and Age-Friendly Jobs

Research from Resume Genius lists several high-paying jobs that are friendly to older professionals. These roles are growing in demand and typically don’t require heavy physical work. They include:
 

• Sales Manager: $66.38/hour
• Computer Systems Analyst: $49.90/hour
• Management Analyst: $48.65/hour
• Accountant and Auditor: $39.27/hour
• Social and Community Service Manager: $37.61/hour
• Sales Representative: $35.63/hour
• Property and Real Estate Manager: $32.07/hour
• Food Service Manager: $31.40/hour
• Insurance Sales Agent: $29.02/hour
• Real Estate Broker/Sales Agent: $28.35/hour

To move into these positions, use your years of experience and connections. Networking can help you find decision-makers and get noticed more than simply applying online.

If you have many contacts, consider sales jobs. If you have strong management skills, target the management roles above.

Check out: Networking for the Networking-Averse: Transforming Dread into Opportunity
 

2. Build Multiple Streams of Income

Depending on just one employer can put your savings at risk if you lose your job. Wealthy people often have several sources of income, and you can, too.
 

Turn Your Experience into Consulting

Your work experience is valuable. You can become a consultant and share your expertise with other businesses while looking for your next job.

Consulting can even lead to a full-time offer or strengthen your resume.
 

Create Income Outside Your Main Career

You can also make money from your hobbies or personal interests. For example, if you love fitness, you could become a personal trainer.

If you have knowledge of travel, art, or real estate, you could become a writer, course instructor, or landlord. If you don’t want to start a business, you can use platforms like Upwork or Fiverr for freelance jobs, Rover if you like pets, or Care.com if you enjoy babysitting.
 

3. Consider Moving to Save More Money

If you live in an expensive city, moving to an area with lower living costs can make your savings go further.
 

Look for Remote Jobs

Use job sites like LinkedIn, Indeed, or FlexJobs to find fully remote opportunities. Update your resume to highlight any remote or independent work experience so employers see you’re ready to work from home.
 

Think About New Locations

Even if you aren’t sure about moving, consider what living in another city, state, or even country could do for your finances and career. Some places, both in the U.S. and internationally, offer lower costs—some states even pay bonuses to attract new residents.

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