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From the Northeastern Section of the ACS, focusing on career management and development
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07/06/11
Mature workers. Reality check on salaries
Filed under: Mature professionals, Observ. Trends
Posted by: site admin @ 3:48 pm

I got to view the most recent ACS salary survey and
interrogated it differently. 

What happens to chemists’ salaries after they are 45?
Figure 1 in the report indicates that BS and MS
degree holders remain flat after 20-24 years of
experience.  Ph.D. degree holders are faced with
only modest “cost of living adjustments,” if any,
after about 25 years after their BS– their late 40s.

This is a general trend, seen in not only chemical,
materials and pharmaceutical firms,  but also many
other sectors, including high wage earners,
specialists and managers, Schultz and Silver-Greenberg
reported.  This affects lifestyles, retirement planning
and long-term investment planning for most of us.

Action items to consider:
1.  plan your retirement savings using worst case
scenarios
2.  live on a lower income scenario over the last
ten working years;   save the difference in income
bearing accounts
3.  assess your employability at age 50.  If your industry
is weak, your company will not survive or your skills are
not competitive, consider changing (careers, companies,
line of profession).
[Many people I know were caught short.  They
are paying the price as their children are in college.]
4.  develop new, advanced learning skill sets that may
borrow from your experience, technical know-how,
and business savvy.  (dividends from these investments
may not come right away and may be smaller.)
5.  devise an estate plan, investment plan and a
retirement income plan in your early 50s to deal
with the inevitable.  Delay taking your pension,
social security, dipping into your retirement savings,
 and extend medical and wellness benefits.

One Response to “Mature workers. Reality check on salaries”

  1. site admin Says:


    Interesting piece in the WSJ about job placement
    specialists finding that mature workers with specific
    skills and abilities are finding employment as contract
    workers. They are reported as being “less expensive”
    than mid-career workers because of insurance coverage
    from previous employment.

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