Ed Bankos, 61, of Charlotte, N.C., has applied for about 20 jobs online since he was laid off in May, but he hasn't gotten a single job interview. "You just E-mail them your résumé, and you sit back and you wait," says Bankos, who worked at a company that makes steel molds. Over the past three months, Bankos has steadily lowered his expectations for finding a new job. At the peak of his career, he made $70,000 annually. Now he's applying for jobs that pay $12 to $13 an hour. Bankos is one of a growing number of baby boomers considering stepping back down a rung or two on the career ladder. Here's how to cope with the new job-search reality.
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