Michelle Wignal, MBA SHRM-CP’s Post

I often speak with professionals 55+. After decades of working and learning, developing skills and wisdom with thousands of stories about life, they are shocked by the doors slammed or not even opened to them. Corporate recruiters ignore 55+ at their own peril. Smart recruiters are learning the best ways to present talented enthusiastic candidates over 55 to clients. They understand that very experienced talent often isn't looking to climb a ladder because they are satisfied with doing great work. They understand that this age group isn't necessarily about growing their income. They understand and respect the candidates who have learned the importance of showing up on time, asking critical questions, and building relationships. All recruiters should take the time to understand how ageism hurts business.

"As the U.S. population continues to age - due to lower #birthrates and the biggest #generations (Baby Boomers and Millennials) getting older - the number of older people still active in the workforce is growing. " "This graying #workforce is helping to drive the economy" See this article from Newsweek.

In 2024 we can expect the largest number of people to reach the traditional retirement age, of 65, in US history. The U.S. Census Bureau projects approximately 12,000 Americans to turn 65 every day in the next year. This milestone, known as “peak 65,” creates several challenges for employers, including labor shortages, rising health care costs, and the need to adapt to a more diverse workforce. #AdventHealth has identified five workforce trends we are proactively addressing, and in this series of posts I’m sharing each trend alongside the action we are taking in response. The third trend: surging retirements. The number of people aged 65 and over is expected to increase by nearly 40% in the next decade, while the number of people aged 16-24 is expected to decline by nearly 5%.  Additionally, as a health care system—understanding older adults use far more health care services than younger groups—these demographic statistics also reflect our responsibility to meet the needs and demand of services for this segment of our population to feel whole.   Our biggest opportunities are to design innovative flexibility solutions, new clinical care models, and mentoring opportunities for the next generation. For those nearing retirement, what changes could organizations make to extend your ability to contribute meaningfully at work?  (Sources: U.S. Census Bureau) 

Are you saving enough money for retirement? I love Lawrence Delva-Gonzalez, CFE's no-nonsense approach to finances. Of course, finances are personal, so how much you need or want may vary. Rather than scrolling by, look at this example of how to save $2.5 million with an annual return of 8%. It's a great illustration of the power of consistent saving and investing over time. Understanding these concepts can help you create a solid financial plan and set realistic retirement goals. Remember, the earlier you start, the more time your money has to grow. What are your retirement savings goals?⇣ Let's discuss how to achieve them! #RetirementPlanning #FinancialFreedom #Investing #PersonalFinance #FinancialPlanning⤵

According to the U.S. Census Bureau, 12,000 people are expected to turn 65 every day in 2024, which is about 4.4 million people. This is part of a period of time called "peak 65" or the "silver tsunami", which is when the largest number of Americans in history reach retirement age. This wave is expected to continue through 2027, with over 11,200 Americans turning 65 every day. By 2030, all baby boomers will be 65 or older, which will mean that one in every five Americans will have reached retirement age. #sales #industrial #hydraulics #offhighway

As the U.S. population continues to age—due to lower birth rates and the biggest generations (Baby Boomers and Millennials) getting older—the number of older people still active in the workforce is growing. While this graying workforce is helping to drive the economy, experts told Newsweek that it is not all good news. https://lnkd.in/gjq38F8Q #workforce #saving #america #economy #jobmarket #useconomy #workers

Interesting article discussing how baby boomers (those born between 1946 and 1964) are retiring at a record pace. In fact, according to AARP, some 10,000 people in the age demographic retire each day, while U.S. Census Data shows that 1 in 6 Americans is now over the age of 65. Many of these new retirees aren't heading to Florida, but to other cities, including Austin! According to a new report by Moody’s Analytics published in MarketWatch, Austin saw its retiree population double between 2010 and 2020. https://lnkd.in/dqdxKv5M

Interesting mid-week read... 💭 The latest analysis of US Census data by MIT reveals that the majority of jobs in the United States are "new work," highlighting the dynamic nature of the job market. This emphasizes the pivotal role of innovation in driving job creation, with industries constantly reinventing themselves and opening up new opportunities for employment. The findings underscore the importance of adaptability and continuous learning in staying relevant in today's fast-paced economy, where those who can quickly pivot and embrace change will thrive. Despite challenges, the data suggests ample opportunities for those willing to seize them, making it an exciting time to be part of the workforce. Read the full article here 👇 https://lnkd.in/gq4uaPsU

"A new market opportunity is taking center stage in the American economy: seniors. They’re not just an expanding proportion of the U.S. population; they’re redefining “retirement.” "Rather than winding down post-65, they are a growing share of the U.S. labor force, active consumers, and digital users with spending power in today’s economy. These seniors’ institutional knowledge and cultural influence will reimagine the golden years, challenging stereotypes to open the path for a more inclusive, diverse future. "In the decade leading up to 2020, the Census Bureau recorded a remarkable surge in the population aged 65 and older: an increase of 15.5 million people in this group, dwarfing the previous record, a 5.7 million increase between 1980 and 1990. The proportion of seniors also leaped from 13% to 16.8% of the total U.S. population, a growth magnitude not seen in the 50 years prior combined. Amidst this demographic shift, a recent Labor Department survey revealed that Americans age 65 and up accounted for 22% of spending, up from 15% in 2010. "And we are just getting started. Seniors will top 22% of the U.S. population by 2050 and those over age 50 will command 60% of global spending according to AARP’s Global Longevity Economy Outlook." #boomers

Boomers are financially benefitting at the expense of Millennials, right?? Interesting piece of research from James Sefton at Imperial, which says (very simplistically, please have a read to get the full detail) that contrary to headlines of historically low wage growth, that wage issues are actually shared equally across generations and despite the huge rise in property asset prices- especially in the 90s, the prime of a Boomer's life!- this hasn't seen a connected rise in property income. This means that 'Boomers' are sitting on larger and larger assets, without necessarily increased income/standard of living. In turn this means that parents are passing more and more of their assets onto their children/grandchildren and that is helping to offset any of the recent economic disadvantages the younger generation have suffered. Two things come to mind; - The tiny little socialist in me is uncomfortable with the idea that intergenerational wealth differences are only corrected when the older generation dies. Surely we should be aiming for a society where each generation can reach the levels of the previous on their own merits - The Wealth Manager in me is drawn to highlight just how important correct succession planning and IHT planning has become today, if its the only way your children are going to obtain the same standard of living as you enjoyed it can not be ignored as part of your later life financial planning. At Private Label Wealth we're experts on helping families plan for their financial future, including retirement and succession, so if any of this resonates with you and you want to discuss, please get in touch. Gareth #estateplanning #wealthmanagement #financialplanning #iht