If you find yourself laid off as an older worker and are wondering what to do next, below are some things you need to know:<\/p>\n\n\n\n
1.<\/span> Know Your Rights After Being Laid Off as an Older Worker<\/strong><\/h2>\n\n\n\nIf you have been laid off as an older worker, it\u2019s important to know your rights. Employees over the age of 40 are protected by the Age Discrimination in Employment Act of 1967<\/a>, or ADEA. The ADEA prohibits discrimination in hiring, promotion, and compensation practices, among others. Most importantly for laid off workers, this law protects against discharge, or layoff, based on age.<\/p>\n\n\n\n<\/div>\n\n\n\n\t\n\t<\/div>\n\t\n<\/div>\n\n\n![\"\"](\"https:\/\/staticblog.virtualvocations.com\/2022\/11\/TheLayoffChecklistCoverImage-Final-1024x1024.png\")
<\/picture><\/a>Click here to access our Layoff Checklist available to premium members!<\/a><\/strong><\/figcaption><\/figure><\/div>\n\n\n\t\n\t<\/div>\n\t\n<\/div>\n\n\n<\/div>\n\n\n\nHow do you know if a layoff has disproportionately impacted employees over 40? You consult the chart provided when you were notified of your layoff and offer of severance. This chart is required by law<\/a> and contains information about how many people were laid off, as well as their ages and positions. An analysis of this information can identify bias.<\/p>\n\n\n\nIn addition, the ADEA also protects older workers from involuntary retirement<\/a>. For example, employees cannot be forced to leave employment at a certain age, aside from a few exceptions. Involuntary retirement also applies if employees are faced with a choice between retiring or being terminated or are fired after refusing to retire.<\/p>\n\n\n\nIf you feel that you are the victim of age discrimination in the workplace, you may wish to consult a reputable employment attorney to see if discrimination has taken place and explore your options in response. Be sure to do this before you sign any severance or retirement agreements.<\/p>\n\n\n\n
<\/div>\n\n\n\n2.<\/span> Financial Implications of Being Laid Off as an Older Worker<\/strong><\/h2>\n\n\n\nMoney usually tops the list of concerns when you\u2019re laid off as an older worker. Before you panic, take stock of your current situation and explore your options. Below are a few areas to consider:<\/p>\n\n\n\n
<\/div>\n\n\n\nSeverance\/Early Retirement\/Exit Package<\/strong><\/h3>\n\n\n\nWhile there is no legal requirement for employers to provide a severance package<\/a>, many organizations will offer one, especially for more senior level employees. If you are fortunate enough to receive a package, it can consist of a variety of incentives, including pay, extension of benefits, and assistance finding a new job. Severance packages can get complicated, and sometimes they are negotiable. So, if you have any questions, it\u2019s a good idea to seek legal counsel.<\/p>\n\n\n\n<\/div>\n\n\n\nVacation Pay<\/strong><\/h3>\n\n\n\nIf you don\u2019t know it, research your company\u2019s policy, or find the provision in your employment contract regarding payment of unused paid time off<\/a>. If there is no provision, or you are not satisfied with the current policy, you may have legal recourse at the state level. While there is no federal regulation, there are a number of states that require payout of unused vacation following a layoff.<\/p>\n\n\n\n<\/div>\n\n\n\n\t\n\t<\/div>\n\t\n<\/div>\n\n\n![\"Age](\"https:\/\/staticblog.virtualvocations.com\/2022\/05\/Age_Proofing_Your_Remote_Job_Search_Course-1024x1024.png\")
<\/picture><\/a>Learn How to Age-Proof Your Remote Job Search With This Course Available With Your Premium subscription<\/a><\/strong><\/figcaption><\/figure><\/div>\n\n\n\t\n\t<\/div>\n\t\n<\/div>\n\n\n<\/div>\n\n\n\n401k<\/strong><\/h3>\n\n\n\nYour contributions to your 401k are yours. Your employer\u2019s contributions to your 401k are also yours, unless the company requires that you are employed a certain amount of time before their contributions are vested. If their contributions are not vested when you are laid off as an older worker, you can try to negotiate inclusion as part of your severance package.<\/p>\n\n\n\n
Regardless, you will want to roll-over your investments into another investment vehicle. Check with your employer regarding any deadlines. In addition, if you are laid off in your 60s, you can withdraw funds from your IRA or 401k without penalty. So, if you need funds now to pay the bills, this can be a good option.<\/p>\n\n\n\n
<\/div>\n\n\n\nSavings\/Unemployment Insurance<\/strong><\/h3>\n\n\n\nAssess your savings situation and apply for unemployment insurance. Combined with any severance pay and access to 401k funds, these are the financial resources that will determine how flexible your situation is regarding financial security. A comfortable amount of time to allow for a job search is six months to a year.<\/p>\n\n\n\n
<\/div>\n\n\n\nSocial Security<\/strong><\/h3>\n\n\n\nIf you find yourself short on savings and are over 62 years old, applying for social security might be your best option. You can receive social security and still collect unemployment benefits as well, although your benefits may be reduced. However, it\u2019s important to note that if you start receiving social security before full retirement age, your benefit payments will be reduced for life. So, while it\u2019s an option, it\u2019s better to wait if possible.<\/p>\n\n\n\n
<\/div>\n\n\n\nFinancial Assistance<\/strong><\/h3>\n\n\n\nWhile it\u2019s wonderful if you get a severance package, have savings, a nice 401k balance, and the option to get social security, many people laid off as an older worker do not have these luxuries. If you were living month to month before, a lay off can be devastating. In this instance, be sure to reach out for federal, state, and local resources that may be at your disposal. These can include everything from food assistance to help finding affordable housing and employment counseling.<\/p>\n\n\n\n
<\/div>\n\n\n\n\t\n\t<\/div>\n\t\n<\/div>\n\n\n![\"best](\"https:\/\/staticblog.virtualvocations.com\/2022\/05\/The7BestInterviewTipsforOlderJobseekers-1024x436.png\")
<\/picture><\/a>The 7 Best Interview Tips for Older Jobseekers<\/a><\/strong><\/figcaption><\/figure><\/div>\n\n\n\t\n\t<\/div>\n\t\n<\/div>\n\n\n<\/div>\n\n\n\n3.<\/span> Should I Work, or Should I Retire?<\/strong><\/h2>\n\n\n\nPlans change. Dreams change too. Although a layoff is not part of your life plan, it is a good time to reexamine whether the plans you made still apply. Maybe getting laid off is a blessing in disguise allowing you to move in a different direction. Maybe you want to travel, take on new challenges as a volunteer, or learn a new hobby. While not everyone will have the resources or the wish to retire after a layoff, for those who do, it is the beginning of a whole new chapter of life.<\/p>\n\n\n\n
<\/div>\n\n\n\n4.<\/span> How to Find Work After Being Laid Off as an Older Worker<\/strong><\/h2>\n\n\n\nWhile it can be more challenging to find a job when an older worker, below are a variety of strategies that can help you find fulfilling, lucrative employment:<\/p>\n\n\n\n
<\/div>\n\n\n\nUpdate Your Career Documents<\/strong><\/h3>\n\n\n\nBefore beginning a new job search, update or create a resume and LinkedIn profile<\/a>. Make sure that it follows a modern format that is optimized for online submission. It\u2019s also important to remove any obvious cues as to your age. For example, don\u2019t list dates or include details for experience over 10 to 15 years and remove dates from any education over seven years old. Also, highlight your technical skills and abilities to demonstrate you have kept up with advances in technology.<\/p>\n\n\n\n<\/div>\n\n\n\nEngage Your Network<\/strong><\/h3>\n\n\n\nYou don\u2019t get to be an older worker without making a few professional contacts along the way. Now is the time to mobilize these contacts to help you find another position. Reach out and let them know that you are looking for a position. Ask them for any job leads or contacts they may have that could lead to employment opportunities.<\/p>\n\n\n\n
<\/div>\n\n\n\n\t\n\t<\/div>\n\t\n<\/div>\n\n\n![\"\"](\"https:\/\/staticblog.virtualvocations.com\/2022\/11\/VirtualVocations_CareerCoaching_PreparingforaLayoff-WatchtheRecording281080x108029-1024x1024.png\")
<\/picture><\/a>Click to watch the recording of our Group Career Coaching session, “Preparing for a Layoff”<\/a><\/strong><\/figcaption><\/figure><\/div>\n\n\n\t\n\t<\/div>\n\t\n<\/div>\n\n\n<\/div>\n\n\n\nTarget In-Demand Jobs<\/strong><\/h3>\n\n\n\nIf opportunity is limited in your field, explore other options where job growth is high<\/a>. Look for jobs related to your experience first and focus on your transferable skills. If that doesn\u2019t work, you may want to consider reskilling to support your career transition. Taking courses or completing a certificate program will demonstrate your commitment to staying in the workforce too.<\/p>\n\n\n\n<\/div>\n\n\n\nStart Your Search Right Away and Stay Productive<\/strong><\/h3>\n\n\n\nThe chances for finding a new job are best right after you leave your previous job. So, get started right away<\/a> with your job search. In addition, undertake activities that will look good on your resume and serve to minimize an employment gap. For example, start a course to brush up skills, or volunteer in a related field.<\/p>\n\n\n\n<\/div>\n\n\n\nConsider Employment Alternatives<\/strong><\/h3>\n\n\n\nIf you are still coming up empty, start thinking outside the box. Consider freelance and contract opportunities or start your own business. There are many ways to make a living besides traditional employment. You are only limited by your imagination.<\/p>\n\n\n\n
While getting laid off as an older worker can be challenging, it can also be the start of something wonderful! Stay calm, weigh your options, and start forging a new, and better, path. Be sure to get a Virtual Vocations resume review and consult their hand-vetted database of remote jobs<\/a> as you begin. This will turbo charge your job search and help you quickly land your next employment opportunity.<\/p>\n\n\n\n<\/div>\n\n\n\n\t\n\t<\/div>\n\t\n<\/div>\n\n\nWhat practical ways helped you move forward after being laid off?<\/em><\/strong> Connect with Virtual Vocations on Facebook<\/a>, Twitter<\/a>, LinkedIn<\/a>, Instagram<\/a>, and YouTube<\/a> to share your thoughts and tips. We\u2019d love to hear from you!<\/em><\/p>\n\n\n\n\t\t\t\n\t\t\t\t![\"\"](\"https:\/\/staticblog.virtualvocations.com\/2013\/03\/VVlogo.jpg\")
<\/picture>
Join Virtual Vocations<\/strong>
<\/p>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\tJoining\u00a0Virtual Vocations<\/a>\u00a0grants you access to our hand-picked remote jobs database.\u00a0Learn\u00a0how our service works<\/a>, browse job leads by\u00a0location and career category<\/a>, or search hundreds of hand-screened remote jobs to find legitimate work-at-home job leads that match your skills and background.\u00a0Register for free<\/a>\u00a0or\u00a0contact us<\/a>\u00a0for more information on our service guarantee.
Check out our menu of\u00a0Career Services\u00a0provided by our team of certified professionals, including resume and career coaching services for remote jobseekers. Resume assessments and writing, LinkedIn profile enhancement, and cover letter writing are available to maximize the success of your remote job applications.\u00a0Discounts on all services available to subscription members,\u00a0become one now.<\/a><\/strong><\/p>\n\t\t\t<\/div>\n\t\t\t
![\"\"](\"https:\/\/staticblog.virtualvocations.com\/2022\/11\/TheLayoffChecklistCoverImage-Final-1024x1024.webp)
<\/picture><\/a>How do you know if a layoff has disproportionately impacted employees over 40? You consult the chart provided when you were notified of your layoff and offer of severance. This chart is required by law<\/a> and contains information about how many people were laid off, as well as their ages and positions. An analysis of this information can identify bias.<\/p>\n\n\n\n In addition, the ADEA also protects older workers from involuntary retirement<\/a>. For example, employees cannot be forced to leave employment at a certain age, aside from a few exceptions. Involuntary retirement also applies if employees are faced with a choice between retiring or being terminated or are fired after refusing to retire.<\/p>\n\n\n\n If you feel that you are the victim of age discrimination in the workplace, you may wish to consult a reputable employment attorney to see if discrimination has taken place and explore your options in response. Be sure to do this before you sign any severance or retirement agreements.<\/p>\n\n\n\n Money usually tops the list of concerns when you\u2019re laid off as an older worker. Before you panic, take stock of your current situation and explore your options. Below are a few areas to consider:<\/p>\n\n\n\n While there is no legal requirement for employers to provide a severance package<\/a>, many organizations will offer one, especially for more senior level employees. If you are fortunate enough to receive a package, it can consist of a variety of incentives, including pay, extension of benefits, and assistance finding a new job. Severance packages can get complicated, and sometimes they are negotiable. So, if you have any questions, it\u2019s a good idea to seek legal counsel.<\/p>\n\n\n\n If you don\u2019t know it, research your company\u2019s policy, or find the provision in your employment contract regarding payment of unused paid time off<\/a>. If there is no provision, or you are not satisfied with the current policy, you may have legal recourse at the state level. While there is no federal regulation, there are a number of states that require payout of unused vacation following a layoff.<\/p>\n\n\n\n Your contributions to your 401k are yours. Your employer\u2019s contributions to your 401k are also yours, unless the company requires that you are employed a certain amount of time before their contributions are vested. If their contributions are not vested when you are laid off as an older worker, you can try to negotiate inclusion as part of your severance package.<\/p>\n\n\n\n Regardless, you will want to roll-over your investments into another investment vehicle. Check with your employer regarding any deadlines. In addition, if you are laid off in your 60s, you can withdraw funds from your IRA or 401k without penalty. So, if you need funds now to pay the bills, this can be a good option.<\/p>\n\n\n\n Assess your savings situation and apply for unemployment insurance. Combined with any severance pay and access to 401k funds, these are the financial resources that will determine how flexible your situation is regarding financial security. A comfortable amount of time to allow for a job search is six months to a year.<\/p>\n\n\n\n If you find yourself short on savings and are over 62 years old, applying for social security might be your best option. You can receive social security and still collect unemployment benefits as well, although your benefits may be reduced. However, it\u2019s important to note that if you start receiving social security before full retirement age, your benefit payments will be reduced for life. So, while it\u2019s an option, it\u2019s better to wait if possible.<\/p>\n\n\n\n While it\u2019s wonderful if you get a severance package, have savings, a nice 401k balance, and the option to get social security, many people laid off as an older worker do not have these luxuries. If you were living month to month before, a lay off can be devastating. In this instance, be sure to reach out for federal, state, and local resources that may be at your disposal. These can include everything from food assistance to help finding affordable housing and employment counseling.<\/p>\n\n\n\n Plans change. Dreams change too. Although a layoff is not part of your life plan, it is a good time to reexamine whether the plans you made still apply. Maybe getting laid off is a blessing in disguise allowing you to move in a different direction. Maybe you want to travel, take on new challenges as a volunteer, or learn a new hobby. While not everyone will have the resources or the wish to retire after a layoff, for those who do, it is the beginning of a whole new chapter of life.<\/p>\n\n\n\n While it can be more challenging to find a job when an older worker, below are a variety of strategies that can help you find fulfilling, lucrative employment:<\/p>\n\n\n\n Before beginning a new job search, update or create a resume and LinkedIn profile<\/a>. Make sure that it follows a modern format that is optimized for online submission. It\u2019s also important to remove any obvious cues as to your age. For example, don\u2019t list dates or include details for experience over 10 to 15 years and remove dates from any education over seven years old. Also, highlight your technical skills and abilities to demonstrate you have kept up with advances in technology.<\/p>\n\n\n\n You don\u2019t get to be an older worker without making a few professional contacts along the way. Now is the time to mobilize these contacts to help you find another position. Reach out and let them know that you are looking for a position. Ask them for any job leads or contacts they may have that could lead to employment opportunities.<\/p>\n\n\n\n If opportunity is limited in your field, explore other options where job growth is high<\/a>. Look for jobs related to your experience first and focus on your transferable skills. If that doesn\u2019t work, you may want to consider reskilling to support your career transition. Taking courses or completing a certificate program will demonstrate your commitment to staying in the workforce too.<\/p>\n\n\n\n The chances for finding a new job are best right after you leave your previous job. So, get started right away<\/a> with your job search. In addition, undertake activities that will look good on your resume and serve to minimize an employment gap. For example, start a course to brush up skills, or volunteer in a related field.<\/p>\n\n\n\n If you are still coming up empty, start thinking outside the box. Consider freelance and contract opportunities or start your own business. There are many ways to make a living besides traditional employment. You are only limited by your imagination.<\/p>\n\n\n\n While getting laid off as an older worker can be challenging, it can also be the start of something wonderful! Stay calm, weigh your options, and start forging a new, and better, path. Be sure to get a Virtual Vocations resume review and consult their hand-vetted database of remote jobs<\/a> as you begin. This will turbo charge your job search and help you quickly land your next employment opportunity.<\/p>\n\n\n\n What practical ways helped you move forward after being laid off?<\/em><\/strong> Connect with Virtual Vocations on Facebook<\/a>, Twitter<\/a>, LinkedIn<\/a>, Instagram<\/a>, and YouTube<\/a> to share your thoughts and tips. We\u2019d love to hear from you!<\/em><\/p>\n\n\n Joining\u00a0Virtual Vocations<\/a>\u00a0grants you access to our hand-picked remote jobs database.\u00a0Learn\u00a0how our service works<\/a>, browse job leads by\u00a0location and career category<\/a>, or search hundreds of hand-screened remote jobs to find legitimate work-at-home job leads that match your skills and background.\u00a0Register for free<\/a>\u00a0or\u00a0contact us<\/a>\u00a0for more information on our service guarantee.2.<\/span> Financial Implications of Being Laid Off as an Older Worker<\/strong><\/h2>\n\n\n\n
Severance\/Early Retirement\/Exit Package<\/strong><\/h3>\n\n\n\n
Vacation Pay<\/strong><\/h3>\n\n\n\n
![\"Age](\"https:\/\/staticblog.virtualvocations.com\/2022\/05\/Age_Proofing_Your_Remote_Job_Search_Course-1024x1024.webp)
<\/picture><\/a>401k<\/strong><\/h3>\n\n\n\n
Savings\/Unemployment Insurance<\/strong><\/h3>\n\n\n\n
Social Security<\/strong><\/h3>\n\n\n\n
Financial Assistance<\/strong><\/h3>\n\n\n\n
![\"best](\"https:\/\/staticblog.virtualvocations.com\/2022\/05\/The7BestInterviewTipsforOlderJobseekers-1024x436.webp)
<\/picture><\/a>3.<\/span> Should I Work, or Should I Retire?<\/strong><\/h2>\n\n\n\n
4.<\/span> How to Find Work After Being Laid Off as an Older Worker<\/strong><\/h2>\n\n\n\n
Update Your Career Documents<\/strong><\/h3>\n\n\n\n
Engage Your Network<\/strong><\/h3>\n\n\n\n
![\"\"](\"https:\/\/staticblog.virtualvocations.com\/2022\/11\/VirtualVocations_CareerCoaching_PreparingforaLayoff-WatchtheRecording281080x108029-1024x1024.webp)
<\/picture><\/a>Target In-Demand Jobs<\/strong><\/h3>\n\n\n\n
Start Your Search Right Away and Stay Productive<\/strong><\/h3>\n\n\n\n
Consider Employment Alternatives<\/strong><\/h3>\n\n\n\n
![\"\"](\"https:\/\/staticblog.virtualvocations.com\/2013\/03\/VVlogo.webp\")
<\/picture>
Join Virtual Vocations<\/strong>
<\/p>\n\t\t\t<\/div>\n\t\t\t
Check out our menu of\u00a0Career Services\u00a0provided by our team of certified professionals, including resume and career coaching services for remote jobseekers. Resume assessments and writing, LinkedIn profile enhancement, and cover letter writing are available to maximize the success of your remote job applications.\u00a0Discounts on all services available to subscription members,\u00a0become one now.<\/a><\/strong><\/p>\n\t\t\t<\/div>\n\t\t\t