The Benefits of Pushing Back Retirement – For Employees and Employers
A job has historically been seen as a way to earn a living. But in today’s world, jobs offer a multitude of benefits outside of money. Many find their jobs to be the source of friendships and stimulation that are hard to find elsewhere. Others find they need health insurance and other benefits their job offers. With these reasons to stay in the workforce, many Americans are putting off retirement.
The notion that adults should retire by 65 has long been out-dated. Actuaries now project that people who are currently entering the workforce could live to be up to 125 years old. With longer lifespans, it comes as no surprise in turn that people need to spend more years working.
Many Americans have gone into early retirement, realized their mistake, and gone back to the workforce. Often they look for part-time opportunities or jobs that offer flexible schedules. Some even go back to school to obtain a new degree or certificate, hoping to pursue a new career path later in life.
Navigating Retirement as a Job Seeker
If you’re planning to continue working for some time, it’s important that you begin to amass skills that will enable you to further your employment. Take advantage of any retraining efforts you come across. Learning a new skill at any age is advantageous to your career, but when you’re older it gives you a leg up in the interview process.
It’s also important to highlight your experience to potential employers, not just in terms of hard skills but soft skills as well. People who have worked for many years are better equipped to navigate office environments. They’re also integral to training and welcoming younger employees who haven’t had the time to develop the same skillsets.
Whether you’re looking to work well past you’re 65, or just shortly past that mark, planning early for your career’s progression is important. It’s also important to let employers know how committed you are to continue to work and why. Explaining the benefits you gain from your job, other than money, is a great way to let employers know why you want to stay in the workforce.
Opening Your Company’s Doors to Older Employees
The only age group with a growing labor participation rate is those 55 and older. Workers are already beginning to push back their retirement, and employers should see this as a positive.
Older workers come with years of experience and can be integral to moving a company forward. Attracting these employees can be as simple as offering part-time work opportunities or more flexible schedules. This will allow these valuable employees to remain in the labor market while still having the time to spend on what matters most to them – grandkids, volunteering, travel, and the like!
- Stoll, John D. “The End of Retirement.” The Wall Street Journal, 10 January 2020.
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