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Should retirement be retired? The pros and cons of older workers An aging population is no longer just an issue for developed countries. An increasing number of developing economies are facing the reality that they will get old before they get rich, rich enough to pay for the health care and social support that an older population needs. At the same time some economies have shortages of the workers and skills needed to grow and handle the changes created by climate change and technology. Older people are living longer than ever before, and many are fitter and healthier than previous generations. Yet not only does little attention seem to be paid to keeping older people in the workforce beyond currently-established retirement ages, ageism remains commonplace and many employers resist the idea of hiring or retaining older workers even while younger candidates are in short supply. On International Day for Older Persons (1 October) we look at whether keeping people in the workforce longer could be an answer, and what changes are needed to make it yield the maximum benefits for all sides.

A Pew Research Center report highlights a significant increase in older Americans, including those aged 75 and above, continuing to work, with one in five individuals aged 65 and above currently employed—a nearly doubled percentage since 1987. Factors include expanded employer benefits, phased retirement programs, and perks for older workers. Take a look below to read more about the fastest growing demographic 📲 French: https://lnkd.in/ekwxcD78 Dutch: https://lnkd.in/egc2GihQ #forbesbelgie #forbesbelgique #forbesbelgium

The New Workforce Reality: Older Americans Embrace Longer Careers. In an eye-opening shift, the landscape of the American workforce is changing dramatically, with a significant increase in the number of older Americans choosing—or needing—to extend their careers well into their golden years. 🚀💼 As of 2024, a remarkable 19% of Americans aged 65 and older are clocking in and out, marking a near twofold increase from the late 1980s. This trend echoes across various sectors, with people not just pushing back retirement but also engaging in longer work hours than ever before. But the burning question remains: Is this by choice, or out of necessity? 🤔 The stories of individuals like Joan Madden-Ceballos, a vibrant 65-year-old health care administrator, and Lori Hvizda Ward, who returned to teaching at 64, highlight a complex tapestry of motivations. From financial security post-divorce to seeking fulfillment and combating boredom, the reasons are as diverse as the workforce itself. 🌈 Yet, beneath these personal tales lies a stark reality: The dream of retirement is becoming increasingly elusive for many. With pensions a rarity and retirement savings accounts alarmingly scarce—43% of those between 55 and 64 lack one—the financial safety net for older Americans is fraying at the edges. 💸 This phenomenon isn't just a reflection of individual aspirations or the realities of an aging population; it's a clear signal of the broader economic and social shifts affecting our society. From the challenges of securing sufficient retirement funds to redefining societal norms around work and aging, the implications are profound. 🌍 As we witness the resilience and adaptability of older workers, it's essential to recognize the underlying issues that drive them to continue working. It's a call to action for more inclusive policies, better access to retirement planning resources, and a reevaluation of what it means to age in America today. Let's celebrate the contributions of older workers while also advocating for a future where retirement is a choice, not a luxury out of reach. Here's to creating a society that supports individuals across all stages of their career and life. 🎉🛠️ #OlderWorkers #WorkforceTrends #RetirementPlanning #EconomicShifts #AgingInAmerica

Workers ages 75 and older are the fastest-growing age group in the #workforce, more than quadrupling in size since 1964. Did you know that 45% of employed older adults consider themselves to be retired? It is time to rewrite our social narrative of #work, #retirement, and old age. Let's embrace the #futureofwork with a #multigenerationalworkforce. MIT AgeLab

A new study shows that Americans 75 and older represent the fastest-growing age group in the workforce. New data from Pew Research Center shows that the number of Americans 65 or older has increased nearly fourfold over the past four decades. This group is less likely to be kicking back in retirement compared to their counterparts in the 1980s. In 1987, only 11% of adults age 65 or older were participating in the workforce. In 2023, that figure grew to 19%, according to the new report. The organization says that the total of 11 million older Americans working today is almost quadruple the number working in the mid-'80s. And the fastest growing age demographic in the workforce are people who are 75 or older: The study found that 9% of all Americans ages 75 and up are employed today — more than double the share working in 1987 (4%). Why? "This increase can be attributed to several factors, including higher levels of education than in the past, policy changes that discourage early retirement and occupations evolving to become more ‘age friendly,’" Pew Research senior researcher Richard Fry said in the report. "We are also seeing that older workers are less likely to say they find their job stressful, reporting higher levels of job satisfaction overall compared to younger workers." Read more 👉 https://bit.ly/481LSxc

According to Forbes, More older Americans are working into their retirement years, with 1 in 5 over age 65 still employed in 2022 - nearly double the rate in 1987. Workers over 75 are the fastest-growing age group in the workforce. Key reasons include better health, expanded employer benefits like phased retirement programs, financial pressures from inflation and less generous Social Security, and a desire to stay active. Older workers today also face less of an education and wage gap compared to younger employees. With higher job satisfaction rates, older employees can be an asset if companies focus on finding the best talent for roles rather than age. To read more: https://lnkd.in/eXZCKPY2

Is it our fault we are being pushed into retirement? New research can blast the age-bias at work, but only if we acknowledge the facts. Older workers are just as productive in almost every industry--the problem is that they can cost more than younger workers. I guess as an older worker, we are going to have to stop expecting raises just for sticking around, if we want to retain the respect of our bosses and coworkers. https://lnkd.in/gmEfncq5

Are you noticing more seniors in the workforce lately? It's not just a trend; it's a significant shift. Many older adults are working past retirement age, often out of financial necessity. Here are some key statistics: ➡️ 21% of seniors aged 65 and over** are still participating in the workforce, which is more than 11.8 million people nationwide. ➡️ The workforce participation rate among adults **65-74 is expected to grow** from 25.8% to 30.7% by 2031. Decades of stagnant wages, high inflation, and changes in Social Security have made it harder for many to retire comfortably. Challenges Seniors Face ➡️ Financial Pressure:** Many seniors continue to work due to insufficient retirement savings and increased living costs. ➡️ Health Concerns:** Balancing work with age-related health issues can be challenging. ➡️ Emotional Impact:** The need to work can lead to stress and anxiety, affecting mental well-being. ➡️ Workplace Adaptation:** Organizations need to adjust to accommodate older workers, which can include providing flexible hours and modifying physical workspaces. Despite these challenges, many seniors find fulfillment and purpose in continuing to work, though the impact on their health and well-being cannot be ignored. Organizations that support older workers can benefit from their experience and knowledge, but must also be mindful of creating an inclusive and supportive environment. Discover more about the reasons behind this shift and its broader implications for seniors, their families, and communities in our latest article. Read our full article here - https://lnkd.in/eqgEjxxk) #Retirement #AgingInPlace #SeniorWorkforce #FinancialSecurity #LocalOrganizations #BusinessLeaders #CommunitySupport #DuPageCountySeniors #KaneCountySeniors https://lnkd.in/ecyfH24Y

According to the U.S. Bureau of Labor Statistics, this group of older workers is expected to grow by 96.5% by 2030. And according to a U.S. News Report, the average age of retirement is 63. Get South Florida local news, weather forecasts and entertainment stories to your inbox. Sign up for NBC South Florida newsletters. So why are those older than 75 still working? And those aging, expected to keep working? NBC 6 spoke with three individuals who share why they’re still grinding, working to live past 75

My resolve is firm: I'm 69 and I'll retire when I draw my last breath. The issue of older workers, whether it involves legitimate concerns or manifests as ageism, continues to influence employees and employers. A recent survey from the Pew Research Center reveals that individuals aged 75 and above constitute the fastest-growing demographic in the labor market. A significant factor driving many older individuals to remain in the workforce is financial necessity. Approximately three out of ten Americans over the age of 59 lack retirement savings, and for many, Social Security benefits alone are insufficient to sustain their livelihoods. Given the increasing life expectancy and the subsequent need for additional financial resources, many find themselves compelled to prolong their careers. Renowned author, professor, and retirement expert Teresa Ghilarducci addresses these themes in her latest book, "Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy." She highlights that only a mere 10% of Americans aged 62 to 70 are financially secure enough to retire, leaving the vast majority either still in the workforce out of necessity or retired but financially strained. The Pew Research Center identifies several reasons why older individuals are choosing to remain or re-enter the workforce: * The higher level of education among older Americans compared to previous generations translates to increased employability. * Improved health and lower disability rates enable more individuals to extend their working lives. * The adjustment of the full Social Security benefit age to 67 prompts older workers to stay employed for longer periods. * Certain jobs now offer more flexibility and reduced physical strain, making them more feasible for older individuals. An AARP study sheds light on the prevalence of age discrimination, which not only hinders older workers from realizing their full potential but also prevents employers from benefiting from the experience and expertise of their senior staff. The study reveals a concerning trend, with 78% of workers experiencing or witnessing age discrimination in 2020, compared to 61% in 2018. Furthermore, 96% of older workers believe that stronger age-related job protections are necessary. Despite these challenges, seniors bring numerous advantages to the workplace, including a unique generational perspective, extensive industry knowledge, loyalty, and a willingness to contribute and mentor.