Older Retired Workers Unretiring

The workplace is weird these days. As most of you know, it’s hard to find workers. Some businesses report hiring people who don’t show up for work as promised. And the salaries they’re offered are significant.

Other offers — apparently — get in the way.

Sometimes it’s really hard to find qualified people to take a position. That happens way too often, too. That has many businesses reaching out to a tried and true source. Former workers.

These are retired people who

• *Inflation has forced to go back to work to afford to live
• *Or, that same inflation has cut deeply into their nest egg
• *Or, they didn’t have much of a nest egg in the first place
• *Or, they are bored

Researchers at the U.S. Bureau of Labor Statistics (BLS) say the only age group with a labor force participation rate that is projected to grow in the next decade or so is the group that’s over age 75. Predictions are that by 2030 those over age of 75 that are still working will double.

Unfortunately for employers, it’s a smaller group to choose from and one that is shrinking.

The bottom-line on over 65 workers comes from the Kaiser Family Foundation. An analysis it did in 2018 found that 15 million — or one in three — are economically stressed and can’t really afford to retire. Many have incomes 200% below the poverty line set by the federal government.

Another study from the Boston College Center for Retirement Research found that 36% of people 65 to 69 will not be able to cover a year’s minimal care without totally exhausting their resources.

Overall, predictions from many sources say in the next decade the percentage of workers in the workforce over age 65 will be about 10%. For proof you only have to look at today’s workforce. There are more people employed over age 55 today than there were at this same time in 2021.

In fact, defining full-time as working at least 35 hours a week, the number of people working over age 55 is at the all time highest peak reached in 1986.

Source link: Employee Benefit News https://bit.ly/3SDCGYp