Seniors in the Workforce

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American labor has raised the nation’s standard of living and contributed to the greatest production the world has ever known and the labor movement has brought us closer to the realization of our traditional ideals of economic and political democracy. – U.S. Department of Labor

The traditional retirement age was set at 65 with the passage of the Social Security Act of 1935 – when the average life expectancy was less than 62. Today, the retirement age for someone born in 1955 is a little over 66 – but the life expectancy for those born in that year is 74. It’s no wonder, then, that many seniors are choosing to work longer and retire later.

The American Advisors Group conducted a post-2020 retirement study of more than 1500 seniors early this year and recently released their findings:

  • Nearly one-third stated that 2020 had a negative effect on their retirement plans
  • More than 20% had to tap into extra funds from their retirement accounts
  • 46% plan to work part-time or pick up a side job during retirement
  • 12% plan to work full time for the rest of their lives
  • 18% plan to work past age 70
  • 55% plan to continue living in their current home forever
  • 47% have paid off their home and live mortgage-free

HR research firm Workplace Intelligence also released a recent survey of workers in the post-covid era and found that many older workers have been thriving during the pandemic’s hybrid or fully online work environment. Responses from those 55+ included:

  • 88% want some degree of control over how, where, and when they work
  • 55% would be willing to give up at least one perk, such as cash bonuses, for the freedom to choose their work environment
  • 50% chose better life balance, more control over their schedules, and a less stressful work environment as key benefits of a hybrid work schedule

Not surprisingly, all employees want to split their time between company offices, home, and other locations such as satellite office, co-working spaces, or public spaces such as a café or library; however, employees who are MORE satisfied and engaged want to spend twice as much time in these alternate locations, compared to those who are less satisfied.

Many of these healthy older workers may have spouses, parents, or other aging loved ones who need extra help at home – help they may not be able to give while focused on work. If you need an extra pair of hands – give us a call at Assisting Hands Home Care serving Cincinnati, OH. We’ll set up a time for a free assessment so you can learn more about the services we offer and help our professional caregivers can offer.

 

Sources: AARP, Workplace Intelligence, US Department of Labor, American Advisors Group