1) The biggest issue…money. Pensions are virtually a thing of the past and 401K savings plus social security provide too lean pickings for many.
2) Usefulness — we’re no longer dying at 40, or at 60 and often not even at 80. What to do over half a lifetime with no work? Work.
But many who want to work will not be able to find work. We’re seeing that now through Gen Plus. Recruiters are often willing to put a 50 plusser in front of an employer, but the employer still prefers to hire younger, more technologically skilled (or at least perceived to be more skilled) workers. And this is even when they cannot find staff to fill positions. Of course there are those that will not be able to work due to illness or injury, but I’m talking about 50 plussers who want to stay gainfully employed.
Some of the advantages of keeping this demographic employed? Well, Boomers have typically been one of the biggest consumer demographics in the US — if they have money, they are willing to spend it. If they earn, they contribute — into taxes, into the economy, into their own retirement funds.
Am I passing along information that is new? To many of you…no. I’ve been posting on these issues for several years. But there are a couple of important markers. The first, is that the statistic has increased from 18% to 29% — an increase of 62% over a 20-year time frame. The second is that this is front page news on the LA Times. The times…they are a’changin’. Slowly, but they are changing.