Boomers Delaying Retirement but also Relish Working Later in Life
The growing costs of housing and health care expenses put a burden on a senior’s income. The expenses force many individuals to continue working to pay the bills.
Millions of people 60 and over feel pressured to work since the collapse of investments and home values. However, many baby boomers enjoy the value one gets from workplace influences like contributing skills and social relationships. Even turning age 70 won’t push them out the door either.
Here are reasons why older adults prefer to stay on the job:
- They want to earn more money for retirement.
- They would get bored not working.
- Retirement and Social Security income is not enough.
- They want to feel useful and productive.
- They like the interaction.
- It keeps them mentally and physically active.
- They need extra income to pay for health care and other expenses.
- They want to learn new skills.
Since it can be difficult to find work after 60, the Aging Council at Seniorcare.com suggests the type of work that suits older adults. The experts also give advice on how to stay current in today’s market:
Harsh Wanigaratne, Spedsta, “In 2010, the popular wisdom was that “the first person to live to 150 has already been born”…now with the Palo Alto Prize will life span stretch to 200 years? As Google’s Larry Page and other longevity companies think about the future of what aging and work looks like, it is going to be unique elder-tech that makes it easier for this massive retiring population to contribute and do digital work in a meaningful way.”
Connie Chow, DailyCaring.com, “Companies selling to older customers are more likely to seek older employees. Their life experience means they have more in common with target customers and can sell more effectively. Job seekers should focus on companies where their experience and talent matches what the firm needs to meet sales goals. To stay relevant, improve your communication skills and become as tech-savvy as possible.”
Scot Cheben, CaregivingAnswers.com, “Education, mentoring and non-physical consultants are areas best suited for our aging community. Don’t just think about schools or teaching when it comes to these areas. For example, when you come from the construction industry, you can add value to home improvement store or be in design consulting.”
Ben Mandelbaum, Senior Planning, “Seniors who want to stay active in the current market should continue to further their education. They need to learn about the latest technology in their fields. Working as a teacher, nurse, or home health provider are all great choices for older adults. Some other options include careers in social services, childcare, or office management.”
Caryn Isaacs, Get Health Help, “I help some clients to offer online classes. I set the senior up with a Chromebook, which is simple and comfortable to use. They can be found for under $200 and are easy to learn to use. Then the senior can join a site like UDEMY where you post the class based on your skills. It is template based so it walks the individual through all the steps of creating their business and even advertises it for a commission.”
Kaye Swain, SandwichINK, I love real estate as there is no age limit to it. Teaching and many medical jobs are also often open to all ages. Community colleges are a great resource for all ages including seniors (especially those that offer free or discounted classes.)
Marla Levie, Focus on Aging, Workers, especially boomers and seniors, must stay current with computer skills, technology and social media. Companies that hire older employees are expecting up-to date expertise. Take classes at community colleges or on-line. Settings such as offices, retail stores, research and seasonal work look for older adults who offer the blend of life and work experience with present-day skills. Be fluid.
Stephen D. Forman, Long-term Care Associates, LLC, “According to Uber, more of its drivers are over 50 than under 30 (with fully one-quarter ages 50+). In this respect, they are not unusual: part-time gigs form the backbone of the “gig economy”, and such jobs are increasingly filled by seniors during their “un-retirement.” Attractions include flexibility, supplemental income, and a means to stay engaged and social.”
Anthony Cirillo, The Aging Experience, “It’s not jobs or re-education that is the issue. It is age bias that has to be addressed. Princeton researchers uncovered what they call “Prescriptive Prejudice” a notion that society has certain biases toward older folks and one of them is the idea of succession, that older adults should step away from high paying jobs and social positions to make way for younger folks. There is a cultural issue we need to solve first.”