Really! 75% of current workers say they expect to work as long as they are able according to a Bankrate poll. Why would anyone want to do that?
Obvious financial reasons for working in retirement
Since 2008, the stock market and economy have impacted many worker”s savings for retirement. When our 401(k) became our 201(k), we might have decided that we needed to work longer before retirement in order to build up our savings. If we were unfortunate enough to be downsized out of our job and we were over 50, we might have had to dip into savings that we had earmarked for retirement for current living expenses because we could not find another job quickly. Or our plan to use our equity in our home disappeared.
Longevity and working in retirement
One of the factors that we all are facing is that our life expectancy is longer than we might have considered previously. Medical advances are keeping us all alive longer. So the longer we can work, the longer we do not have to depend on our savings for income. A Society of Actuaries report suggests that since we cannot know how long we will live and how our investments will do in the future, we are just guessing about how much money we will need in retirement. The longer we work, the less guessing.
Early Retirement and Health benefits
Many Boomers dreamed of early retirement. However, with the continually rising expense of health care premiums and co pays, if we can even pass the health screening of insurance companies, we might be remaining on the job to guarantee health coverage until age 65 and Medicare.
Engaging work in retirement
But it is not all so bleak. Many Boomers are continuing to work because they love their work. Jim Toscano of Toscano Advisors, LLC, is 75 and going strong. He has “retired” from a few long-term executive positions in the nonprofit sector of the health care industry, but now enjoys using his management experience to help other nonprofits stay afloat.
Ron Strand of Russell Associates and Resource Connections describes the process of “rusting” in retirement when one does not stay actively involved. For him active engagement means continuing to help organizations provide relevant training and testing for their employees.
Our last blog post addressed activities that Pour seen convaincre, vous pouvez utiliser un logiciel afin deanalyser un mois complet de permanence authentique du casino de Monte-Carlo sur les 6 Chances Simples. promote healthy aging. The intellectual, social and, possibly even physical, components of work that we love can contribute to a longer, healthier life.
Workforce demographics and work in retirement OR Because the economy needs us
As the Boomer generation enters retirement age, the demographics of the US workforce is changing as related to age and education. The generations coming up behind the Boomer generation are much smaller and have fewer college degrees or advanced training. Allowing Boomers to remain working will help provide a bridge to fill that gap until younger workers can be trained.
Flexibility in the Workplace
Even though retiree age workers may want to continue to work for any of the previous reasons, we often want more flexibility in order to enjoy some of the benefits of reaching retirement age. We may want more flexibility with hours or location in order to travel or visit family and friends. We might enjoy the same work but want to decrease stress, possibly without the responsibility of supervising others or managing a project. Pharmacies are an example of companies who are filling a shortage of skilled workers, e.g. pharmacists, by allowing retirees the flexibility of working in one location in the summer and another in the winter.
Resources for finding employment in retirement
Great Jobs for Everyone 50 : Finding Work That Keeps You Happy and Healthy … And Pays the Bills Book by Kerry Hannon of AARP
“5 Jobs in Demand for 2013” for 50 workers: Crossing Guard, Hospice Chaplain, Home Health and Personal Care Aide, Construction Estimator, Move Manager
Work Reimagined: A project of AARP powered by LinkedIn. Work Reimagined connects you to the contacts, information, and inspiration you need to succeed in today’s ever-changing workplace.
When Work Works: A nation-wide initiative on effective and flexible workplaces that is designed to share research and best practices on what makes work “work” in the 21st Century.
Staying actively engaged and wanting more flexibility often leads to working without pay–volunteering. Watch for future blogs posts on this possibility and even a cross-pollination version of “encore careers.”