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No! Not Anytime Soon

How long is your runway?


➔ As more and more older workers find themselves seeking new opportunities in the job market, another significant portion of the older workforce has decided (by choice or by chance) to remain in the workforce well beyond the previously-accepted retirement age of 65. One by-product of this new phenomenon is that hiring workers – who tend to be much more stable than their younger counterparts – in their 50s doesn’t necessarily mean that you’re going to have to replace them in about ten years.


Here for the duration

The reasons that older workers are not going away anytime soon can be boiled down to three broad categories: financial, social and personal.

Financial reasons are many and varied. They don’t have enough saved for retirement; changes in retirement accounts; and desiring to maintain a certain lifestyle. Social reasons are equally as complex. Some crave the social interaction of the workplace while the skills that others are still considered valuable.

Personal factors can be endless. Some simply enjoy their work and don’t want to give it up. Some want to continue making an impact on their cultures and society. Others are not weighed down by declining health issues.

According to the National Association of Working Women, both mature men and women have an 88 percent lower turnover rate than younger workers. And the Bureau of Labor Statistics reports that older workers remain with employers twice as long as workers between the ages of 25 and 35.

Also, the National Council on Aging reports that a Workforce Retention Survey from the American Psychological Association found that workers aged 55 and over were more likely than any other age group to remain in their current jobs.

Last, according to retiredbrains.com, 86 percent of business professionals plan to work well past the age at which they’re eligible for retirement and that number holds at more than 75 percent for all workers.



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