Do You Plan To Work After 65 More Americans Are Delaying Retirement.

Do You Plan To Work After 65? More Americans Are Delaying Retirement.

There is an increasing trend of older workers remaining in the labor force. A Pew Research study this month found that the number of working Americans ages 65 and older has nearly doubled in 35 years. The Pew data reveals that approximately one in five Americans in this age group were employed in 2023. People are delaying retirement to stay mentally engaged and financially secure. As life expectancy has increased, it’s understandable to fear outliving your money, especially as the cost of living skyrockets.

 

Older workers also work longer hours and earn higher pay than in previous decades. The survey shows 62% are full-time employees, up 15% since 1987. At that time, the typical worker aged 65 or older made $13 per hour, whereas in 2022, they earned $22 per hour. AARP reported that the average income of retirement-age workers was $78,000 in 2019, which soared 63% from 1985.

 

Seasoned workers have contributed significantly to the growth of the labor force. Experts predict that the percentage of older workers in the labor force will continue to increase in the coming years. According to the United States Bureau of Labor Statistics, this demographic is projected to comprise 8.6% of the workforce in 2032, up from 6.6% in 2022.

 

People are delaying retirement to stay mentally engaged and financially secure. As life expectancy has increased, it’s understandable to fear outliving your money, especially as the cost of living skyrockets. While the employment of older workers has increased, there are still challenges, such as income disparities and ageism, in the workplace. However, there are signs of progress, with more employers considering job applicants over 50.

Do You Plan To Work After 65 More Americans Are Delaying Retirement. (1)

The Benefits Of Hiring Older Workers

These qualities of mature workers can significantly contribute to a company’s success and help create a diverse and effective labor force.

  • Experience and Expertise: Older workers offer a wealth of experience, knowledge, and expertise in the workplace, which can be invaluable in various roles. They have often spent decades honing their skills and deeply understanding their respective fields.
  • Reliability and Work Ethic: Older workers are known for their strong work ethic, reliability, and professionalism. They tend to show up to work on time, take fewer days off and are less likely to switch jobs frequently, which can contribute to a stable and committed workforce.
  • Soft Skills and Communication: Older workers possess well-developed soft skills, such as professionalism, written communication, analytical skills, and interpersonal skills. They are often skilled at communicating with others in the office, which is essential for effective collaboration and information flow.
  • Mentoring and Knowledge Transfer: Older workers can be crucial in mentoring and providing skills to younger team members. They can help transfer institutional knowledge, problem-solving skills, and best practices, contributing to the professional development of their colleagues.
  • Job Satisfaction: Older workers report higher levels of job satisfaction, according to Pew. They’re more likely to say they find their job enjoyable and fulfilling most of the time and less likely to find it stressful.

 


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By Jack Kelly, Senior Contributor © 2023 Forbes Media LLC. All Rights Reserved. This Forbes article was legally licensed through AdvisorStream.

 

 

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