June 30, 2020 — Over a third of baby boomers say they would like to delay retirement, perhaps into their late 60’s or even later. The problem is, however, more actually retire much earlier. According to the Schwartz Center for Economic Policy, just over half of the workers who retired between 2014 and 2016 did so involuntarily, for a variety of reasons. The onset of the coronavirus pandemic is exaggerating this phenomenon, forcing even more people off the job before they want to.
Millions of Americans have been laid off or furloughed from their jobs due to the shutdowns and economic chaos caused by the virus. Many of those will eventually find their way back on the job, or perhaps already have. Others might not want to return to work, either for fear of getting infected or because their attitude toward work has changed. Whatever their decision, the problem of getting back on the job for older workers is difficult for a host of reasons.
October 16, 2019 — The U.S. Census Bureau is looking for 500,000 temporary workers next year to help it complete the 2020 census. It is the perfect job in many ways for retirees – it is temporary, has flexible hours, gets you out meeting people, and pays reasonably well ($13.50 to $30 an hour). Many workers in past censuses say they really enjoyed the work, and liked meeting people later on in the course of their neighborhood travels.
The flexible hours can include days, evenings, and weekends. Generally, unless there is good public transportation, you to have access to a vehicle and a valid driver’s license and an internet connection.
About 50,000 of the Census temporaries will be census takers. These employees (enumerators) will follow up with households who don’t respond to online, phone, or mail requests in person. Their job will be to ask residents questions from the census form, such as demographics, number of people who live in the home, etc. The controversial citizenship question will not be asked. There are also jobs relating to recruiting and supervision.
To get one of these jobs you can apply online at 2020Census.gov/jobs. You can also can call the Census’ toll-free number, 855-JOB-2020, for more information.
Let us know. If you end up applying for one of these jobs, and especially if you get one, we would love to hear about your experiences in the Comments section belwo.
July 31, 2019 — Nearly one-quarter (23%) of Americans say they never plan to retire, according to a poll from the Associated Press-NORC Center for Public Affairs Research. This suggests a disconnection between individuals’ retirement plans and the realities of aging in the workforce, since government data shows that roughly 1 in 5 (20%) Americans over 65 are either working or looking for a job.
The disconnect between saying they will continue to work and actually retiring often comes from outside forces. Illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they’d like. And that causes an unanticipated problem – they are out of the workforce before their retirement savings are up to the job.
The Retirement Confidence Survey makes the same point. The RCS identifies a lack of alignment between workers’ expectations about their age of retirement and prospects for working in retirement, compared with retiree experiences. Workers continue to report an expected median retirement age of 65, while retirees report they retired at a median age of 62. The survey has consistently found that 43 percent of retirees leave the workforce earlier than planned, with 35 percent citing illness or disability as the reason and 35 percent retiring due to changes at their company. In keeping with their income expectations, 80 percent of workers expect to work for pay in retirement, while only 28 percent of retirees report that they have actually done this.
May 14, 2019 — The government isn’t quite ready to slap warning signs on retirement contracts like it did on cigarette packages, but maybe it should. The Wall St. Journal recently reported on several studies showing that delaying retirement can improve your longevity. While most people look forward to pursuing their hobbies, traveling, and spending more time with the grandchildren, there are some downsides. Many folks watch too much TV, don’t exercise, and lack the mental stimulation to keep them sharp. The studies seem to find that policies that encourage people to keep working result in fewer health problems and longer lives.
According to a WSJ article, “The Case Against Early Retirement”, researchers for the Center for Retirement Research at Boston College, using an idea from a Dutch study, “concluded that delaying retirement reduced the five-year mortality risk for men in their early 60s by 32%”. Women experienced less of a mortality risk. The study in Holland used a series of increasing incentives to get workers to stay on the job longer.
December 24, 2018 — (this is a continuation of our “Time to Retire Retirement” Series.) Part 1 of this series starts with the idea that since people are living active lives much longer than what used to be retirement age, the idea of retirement might need to be reconsidered. In this edition we want to focus on the difficulties that older workers have if they decide to take up on that idea – postponing or maybe never retiring. An article from the Wall St. Journal, “Booming Employment Market Can’t Fill the Retirement Shortfall“, has some very sobering information on older people who would like to remain in the workplace.
The number of older Americans are out of work or stuck in low-quality jobs is large, almost 8 million. Over 5 million of those do not have health insurance. Adding to retirement savings or improving their earning record for Social Security in a meaningful way is difficult for them. Even for those who do manage getting another job, their earnings after a period of unemployment will likely suffer. Whereas workers under (more…)
December 12, 2018 — This is Part 1 of a 2 Part Series. Part 2, “Older Workers Face Bleak Employment Prospects“, describes the problem along with some strategies to overcome them. Back when the concept of retirement became institutionalized, our live expectancies were nothing like what they are now. When Social Security came into being in 1935 the retirement age was set at 65, but the odds were that if you made it that far you wouldn’t be collecting long. During the Great Depression of the 1930’s life expectancy for men was 59 and 63 for women: for people born in 2018 the expectancies are 83 and 86.
Although not everyone over 65 is healthy, vigorous, and mentally sharp, millions of us are. Which leads many experts to propose that in the face of a tightening employment market, employers should consider putting the whole idea of retirement on hold. This excellent article in Nautilus, “Retiring Retirement: A Growing Portion of the Elderly Look Anything But”, explains the growing phenomenon of people who are not acting their age, and the reasons why they should be more gainfully employed.
The authors give some wonderful examples. One of their fathers-in-law, a 97 year old retired Air Force Colonel, is posed in (more…)
January 24, 2018 — The Topretirements.com survey from last week asked 11 questions about your plans or experiences concerning work after retirement. Over 400 members gave back to this community by taking the time to respond (thank you on behalf of everyone who will profit from your investment!). This article will summarize the overall results along with the data for each question. And, since so many people shared their opinions, we have provided you with summary documents where you can read all of the practical ideas, experiences, (more…)
January 14, 2018 — Do you have plans for working after you retire? And if you did, how did it work out? We know many people think they might work after they retire, either to keep busy or to help overcome an income shortfall. We would like to find out more about what people like you intend to do on this subject. Please fill out our new, quick question quiz on your plans to work post-retirement. We’ll take the results and develop an informative article that summarizes what we learn about people’s plans and the success they might have had in finding work in the next few weeks.
October 15, 2017 — The idea of retirement is supposed to be – that you get to relax and not work anymore. Unfortunately that concept is running up against a harsh reality; not having enough money to retire. In this article we will talk about some creative ways folks in that predicament are managing to survive.
A harsh reality
A record one in five Americans over 65 is working today, a reflection of our longer lifespans and a changing world. An increasing proportion of retirees in the workforce coincides with the avalanche of baby boomers hitting retirement age; the oldest boomers are 71 this year. Although many are employed because they like working, millions of others are forced into it because of their fragile finances. Three quarters of Americans between 55 and 64 have less than $30,000 saved, according to the AARP. According the Center on Budget and Policy Priorities, Social Security constitutes at least 90 percent of income for more than one-third of retirees. And, since (more…)
May 23, 2017 — There is a great new industry getting off the ground now, one that is likely to get even bigger as more and more of us baby boomers age. The popular term is “senior concierge”, and you can join the movement in multiple ways: as a volunteer, employee, or entrepreneur. Who knows, maybe even Benjamin, Dustin Hoffman’s character in “The Graduate“, would be getting advice to go into this field, were that he was a real person and entering retirement!
The idea is simple. More and more people need help as they age or experience some type of impairment. In fact the U.S. will have 72 million folks over age 65 by 2030. Enter senior concierges, who can provide assistance for all kinds of everyday needs. For example many people can’t drive anymore, but want to live at home. You can do their shopping for them, take them to appointments, or do anything they have (more…)