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4 Ways to Keep Your Work Skills Up to Date
From Next Avenue By Kerry Hannon Money & Work Expert
1. Do some sleuthing to see which skills will boost your job prospects. A few hard skills (specific, teachable abilities that may be required) likely to make the list: Social media, data analysis and sales. To find out which skills are required for the type of work you want, hit the job boards, pull up job descriptions you’re interested in and make a list.
“We encourage older workers to do their homework first to both identify the in-demand occupations and compare them to their particular interests,” says Paul Magnus, vice president for workforce development at Mature Services’
Employment & Training Solutions in Akron, Ohio. He recommends using AARP’s Virtual Career Network and My Skills My Future.
In recent years, “social media” has been a popular item in the “skills” section of many job seekers’ resumes. But what does it really mean to be skilled at social media? It’s more than simply having a LinkedIn, Twitter or Facebook account. You need to be able to show an interviewer that you’re active on these networks and understand the nuances of each one’s distinct community.
Some of the fastest-growing occupations between now and 2022 will be information security analysts, operations research analysts and statisticians, according to the Bureau of Labor Statistics. This means that candidates with a strong background in data science and analytics will have a real advantage in the job market. Get the hint?
To skill up, take classes or pursue certifications. If you worry about the time commitment, take baby steps, with one class at a time.
2. Do an inventory of your soft skills. These are personal attributes that help you work better with others. Employers want to be sure that you’ll work easily and efficiently with your coworkers, your supervisor and perhaps the organization’s customers or clients. They also want to see that you can think on your feet and are equipped to make smart decisions.
“Employers continue to look for attributes such as adaptability, work ethic, trainability, ability to work with a diverse workforce and previous knowledge,” Magnus says.
I would add to his list: analytical thinking, communication (oral and written) confidence, creativity, patience and a positive attitude.
Upbeat and energetic people are a plus for most employers and, frankly, some firms assume older applicants are dour and low-energy. Prove them wrong. If you’re lacking any of these soft skills, find ways to improve them. One way to do it: volunteer at a nonprofit where you can put your soft skills to the test.
3. Focus on your transferable skills and how they can help you land work. Although you may need additional training to pick up a new job or navigate a career change, many skills you already have are transferable to a new field. You just need to apply your current skills in a new way.
The ability to manage projects, for example, is a transferable skill. In the publishing business, you may use this skill to coordinate efforts with writers, editors, graphic artists and page layout personnel, while in a shipping business, you may use it to coordinate pick-up and delivery schedules.
4. Seek out gratis retraining opportunities. Stop into your local American Job Center, commonly referred to as Career OneStops, advises Magnus. There are nearly 2,500 nationwide. “The staff can help older workers navigate the process of upgrading their skills,” he says.
Low-income, unemployed older workers may qualify for retraining at the Department of Labor’s Senior Community Service Employment Program (SCSEP). The centers also offer referrals to educational and community workforce partners.
Sign up for a free, or nearly-free, MOOC. That’s the acronym for Massively Open Online Courses like Coursera, Udacity, EdX and Lynda. Often offered by top-tier universities, MOOCs provide inexpensive ways to learn new skills from some of the nation’s best instructors anytime, anywhere.
Also, look for free or discounted tuition arrangements based on your age at state or community colleges. The American Association of Community Colleges’ Plus 50 Initiative, for example, has programs for people 50 and older, with an emphasis on training for the workplace. California’s 23 state universities offer free tuition in their Over 60 Program and all of Texas’ public colleges have tuition-reduction programs for students 55 or older.
Check with your state’s Department of Education to see if there are similar deals near you.
The skill you learn or improve may be your ticket to your next job.
1. Do some sleuthing to see which skills will boost your job prospects. A few hard skills (specific, teachable abilities that may be required) likely to make the list: Social media, data analysis and sales. To find out which skills are required for the type of work you want, hit the job boards, pull up job descriptions you’re interested in and make a list.
“We encourage older workers to do their homework first to both identify the in-demand occupations and compare them to their particular interests,” says Paul Magnus, vice president for workforce development at Mature Services’
Employment & Training Solutions in Akron, Ohio. He recommends using AARP’s Virtual Career Network and My Skills My Future.
In recent years, “social media” has been a popular item in the “skills” section of many job seekers’ resumes. But what does it really mean to be skilled at social media? It’s more than simply having a LinkedIn, Twitter or Facebook account. You need to be able to show an interviewer that you’re active on these networks and understand the nuances of each one’s distinct community.
Some of the fastest-growing occupations between now and 2022 will be information security analysts, operations research analysts and statisticians, according to the Bureau of Labor Statistics. This means that candidates with a strong background in data science and analytics will have a real advantage in the job market. Get the hint?
To skill up, take classes or pursue certifications. If you worry about the time commitment, take baby steps, with one class at a time.
2. Do an inventory of your soft skills. These are personal attributes that help you work better with others. Employers want to be sure that you’ll work easily and efficiently with your coworkers, your supervisor and perhaps the organization’s customers or clients. They also want to see that you can think on your feet and are equipped to make smart decisions.
“Employers continue to look for attributes such as adaptability, work ethic, trainability, ability to work with a diverse workforce and previous knowledge,” Magnus says.
I would add to his list: analytical thinking, communication (oral and written) confidence, creativity, patience and a positive attitude.
Upbeat and energetic people are a plus for most employers and, frankly, some firms assume older applicants are dour and low-energy. Prove them wrong. If you’re lacking any of these soft skills, find ways to improve them. One way to do it: volunteer at a nonprofit where you can put your soft skills to the test.
3. Focus on your transferable skills and how they can help you land work. Although you may need additional training to pick up a new job or navigate a career change, many skills you already have are transferable to a new field. You just need to apply your current skills in a new way.
The ability to manage projects, for example, is a transferable skill. In the publishing business, you may use this skill to coordinate efforts with writers, editors, graphic artists and page layout personnel, while in a shipping business, you may use it to coordinate pick-up and delivery schedules.
4. Seek out gratis retraining opportunities. Stop into your local American Job Center, commonly referred to as Career OneStops, advises Magnus. There are nearly 2,500 nationwide. “The staff can help older workers navigate the process of upgrading their skills,” he says.
Low-income, unemployed older workers may qualify for retraining at the Department of Labor’s Senior Community Service Employment Program (SCSEP). The centers also offer referrals to educational and community workforce partners.
Sign up for a free, or nearly-free, MOOC. That’s the acronym for Massively Open Online Courses like Coursera, Udacity, EdX and Lynda. Often offered by top-tier universities, MOOCs provide inexpensive ways to learn new skills from some of the nation’s best instructors anytime, anywhere.
Also, look for free or discounted tuition arrangements based on your age at state or community colleges. The American Association of Community Colleges’ Plus 50 Initiative, for example, has programs for people 50 and older, with an emphasis on training for the workplace. California’s 23 state universities offer free tuition in their Over 60 Program and all of Texas’ public colleges have tuition-reduction programs for students 55 or older.
Check with your state’s Department of Education to see if there are similar deals near you.
The skill you learn or improve may be your ticket to your next job.
Some Boomers Are Retiring Near a College or University
From an article in the New York Times
Like the Dunns, many other retirees are opting for college retirement communities, where they can take lifelong learning courses, mentor college students and even get a degree. Though exact estimates vary, there are now about 60 college retirement communities in the United States, like those near Stanford, Notre Dame and Penn State.
As baby boomers retire in large numbers, these communities will experience significant upticks in popularity, said Andrew J. Carle, an assistant professor at George Mason University in Fairfax, Va., and a senior-housing expert. People want intellectually stimulating environments, he added.
Learning-driven communities offer other benefits, experts say. Housing prices are usually stable in college towns, since there’s a steady influx of people, says Jan Cullinane, author of “Retire Happy” and other books. And retirees can also attend plentiful cultural and sports events.
Even more important, medical care near universities is usually cutting-edge, Ms. Cullinane added. “Universities have medical institutions that do ongoing research,” she said, adding that the University of Michigan, which also has a retirement community nearby, is doing research on celiac disease.
Like the Dunns, many other retirees are opting for college retirement communities, where they can take lifelong learning courses, mentor college students and even get a degree. Though exact estimates vary, there are now about 60 college retirement communities in the United States, like those near Stanford, Notre Dame and Penn State.
As baby boomers retire in large numbers, these communities will experience significant upticks in popularity, said Andrew J. Carle, an assistant professor at George Mason University in Fairfax, Va., and a senior-housing expert. People want intellectually stimulating environments, he added.
Learning-driven communities offer other benefits, experts say. Housing prices are usually stable in college towns, since there’s a steady influx of people, says Jan Cullinane, author of “Retire Happy” and other books. And retirees can also attend plentiful cultural and sports events.
Even more important, medical care near universities is usually cutting-edge, Ms. Cullinane added. “Universities have medical institutions that do ongoing research,” she said, adding that the University of Michigan, which also has a retirement community nearby, is doing research on celiac disease.
Retirees Back at School
By Robyn Tellefsen
When you look ahead to your retirement years, what images come to mind? Will you be spending more time with the grandkids? Tending your garden and cooking mouth-watering meals? Sitting on a beach somewhere sipping Mai Tais? However you envision the ideal retirement, the reality may turn out to be a bit different than what you had in mind.
And the reality is this: Unemployment is high, home values are low, and retirement accounts are in the toilet. So for many of us, getting out of the workforce entirely just isn’t an option anymore.
That’s why a good chunk of the 78 million baby boomers entering their retirement years are heading back to school to boost their job skills. If you’re wondering where the 50+ set is going in droves, the answer is clear: community college. According to the American Association of Community Colleges (AACC Going back to school isn’t a death sentence for retirees, though. For many, it has breathed new life into their golden years and given them purpose that they’d been missing.
Just look at the students benefiting from the Plus 50 Initiative of the AACC, which is tailored to the needs of adult learners/workers. Through the Plus 50 Initiative, community colleges create or expand campus programs to engage the 50+ population in learning; training or retraining programs; and volunteer, civic, or service activities.
When you look ahead to your retirement years, what images come to mind? Will you be spending more time with the grandkids? Tending your garden and cooking mouth-watering meals? Sitting on a beach somewhere sipping Mai Tais? However you envision the ideal retirement, the reality may turn out to be a bit different than what you had in mind.
And the reality is this: Unemployment is high, home values are low, and retirement accounts are in the toilet. So for many of us, getting out of the workforce entirely just isn’t an option anymore.
That’s why a good chunk of the 78 million baby boomers entering their retirement years are heading back to school to boost their job skills. If you’re wondering where the 50+ set is going in droves, the answer is clear: community college. According to the American Association of Community Colleges (AACC Going back to school isn’t a death sentence for retirees, though. For many, it has breathed new life into their golden years and given them purpose that they’d been missing.
Just look at the students benefiting from the Plus 50 Initiative of the AACC, which is tailored to the needs of adult learners/workers. Through the Plus 50 Initiative, community colleges create or expand campus programs to engage the 50+ population in learning; training or retraining programs; and volunteer, civic, or service activities.
The Best Tax Breaks - Uncle Sam Can Cut Your Costs
From a Wall Street Journal article by Laura Saunders
Here's a rundown of the most useful education tax benefits. Note that with the exception of the student-loan interest deduction, taxpayers are prohibited from "double-dipping," or taking more than one tax break for the same expenses.
This is one of the best benefits for those who qualify. It's a dollar-for-dollar tax offset of up to $2,500 per student per year, for up to four years of undergraduate (but not graduate) education for students enrolled at least half-time in a degree program. Up to $1,000 of the credit is "refundable," meaning the family can get a check for that amount from Uncle Sam if no tax is due. If the taxpayer writes a tuition check in December for the spring semester, the credit may be claimed for that year's taxes. The credit can be used for books, supplies and equipment as well as tuition, but it can't be claimed by anyone with a felony drug conviction.
The benefit fully phases out at $90,000 of adjusted gross income (AGI) for most single returns and $180,000 for most joint returns. If the family can't claim the credit and the student has earned income, some advisers suggest running the numbers to see if the student qualifies for the credit on his own. Lifetime Learning Credit. While less generous than the American Opportunity Tax Credit, this is a useful tax offset of up to $2,000 for tuition and fees per year per family. It applies to graduate as well as undergraduate education, plus continuing-education courses taken to acquire or improve job skills. The credit fully phases out at $122,000 of AGI for most joint returns and $61,000 for most single returns.
Here's a rundown of the most useful education tax benefits. Note that with the exception of the student-loan interest deduction, taxpayers are prohibited from "double-dipping," or taking more than one tax break for the same expenses.
This is one of the best benefits for those who qualify. It's a dollar-for-dollar tax offset of up to $2,500 per student per year, for up to four years of undergraduate (but not graduate) education for students enrolled at least half-time in a degree program. Up to $1,000 of the credit is "refundable," meaning the family can get a check for that amount from Uncle Sam if no tax is due. If the taxpayer writes a tuition check in December for the spring semester, the credit may be claimed for that year's taxes. The credit can be used for books, supplies and equipment as well as tuition, but it can't be claimed by anyone with a felony drug conviction.
The benefit fully phases out at $90,000 of adjusted gross income (AGI) for most single returns and $180,000 for most joint returns. If the family can't claim the credit and the student has earned income, some advisers suggest running the numbers to see if the student qualifies for the credit on his own. Lifetime Learning Credit. While less generous than the American Opportunity Tax Credit, this is a useful tax offset of up to $2,000 for tuition and fees per year per family. It applies to graduate as well as undergraduate education, plus continuing-education courses taken to acquire or improve job skills. The credit fully phases out at $122,000 of AGI for most joint returns and $61,000 for most single returns.
Universal Pictures/Everett Collection
It's often possible to change a 529 account's beneficiary, so if Mom or Dad wants to go back to school, the plan could be shifted; check your state's rules. Because of the double-dipping rules, taxpayers with 529 plans who also qualify for another credit will want to use the credit first and then withdraw remaining funds from the 529 plan.
For example, if qualified college costs come to $12,000 after merit scholarships and there's a sizeable 529 plan, pay the first $4,000 out of pocket in order to preserve the American Opportunity Tax Credit, and then withdraw the rest from the 529 plan. Many 529 plans are currently "underwater" because of high fees or poor market performance over the last decade. In that case, the taxpayer may close the account without penalty or tax. A net loss can be taken as a miscellaneous deduction.
For example, if qualified college costs come to $12,000 after merit scholarships and there's a sizeable 529 plan, pay the first $4,000 out of pocket in order to preserve the American Opportunity Tax Credit, and then withdraw the rest from the 529 plan. Many 529 plans are currently "underwater" because of high fees or poor market performance over the last decade. In that case, the taxpayer may close the account without penalty or tax. A net loss can be taken as a miscellaneous deduction.
Student-Loan Interest Deduction
Interest paid on student loans for tuition, room and board, transportation and other expenses may be deductible up to $2,500 per year, depending on the type of loan, if the student was enrolled at least half-time in a degree program. It applies to debt from graduate and undergraduate programs. The benefit fully phases out by $150,000 of AGI for most joint returns and $75,000 for most single returns.
Tuition and Fees Deduction
Experts suggest thinking twice before taking this $4,000 deduction for tuition and fees. In most cases, the offset of a tax credit is more valuable. "A bigger number doesn't mean a bigger benefit," says Melissa Labant of the American Institute of CPAs. This deduction available for graduate as well as undergraduate education, and it fully phases out at $160,000 for most joint filers and $80,000 for most single filers.
Early IRA Distribution
Early withdrawals from a traditional IRA (usually before age 59½) that are used for education aren't subject to a 10% penalty. The payout can be used for books, supplies, and room and board (if at least a half-time student) as well as tuition. The problem: Full income tax is due. And "once assets are out of an IRA, they can't be put back," says Mr. Carpenter. "I advise against this."
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Disclaimer: The articles quoted above provide information which may have changed since they were written. Readers should always check information from reliable sources prior to relying on it.
Disclaimer: The articles quoted above provide information which may have changed since they were written. Readers should always check information from reliable sources prior to relying on it.