14 Reasons Why Workers Older Than 75 Are A Fast-Growing Labor Force

 


A Fast Growing Segment in the Workforce

There are several key reasons why workers older than 75 are a fast-growing segment of the labor force:

Increased Longevity and Better Health

  • Medical Advancements: Improved healthcare has significantly increased life expectancy.  Seniors are healthier and more capable of working longer than previous generations.
  • Reduced Disabilities: The rate of disabilities among older adults has declined, allowing them to participate in the workforce for longer periods.

Financial Considerations

  • Need for Supplemental Income: Many older adults haven't saved enough for retirement, requiring them to work for financial stability.
  • Shift to Defined Contribution Plans:  The move away from traditional pensions (defined benefit plans) to 401(k)s (defined contribution plans) puts the responsibility of retirement savings on individuals. This often results in insufficient funds for a lengthy retirement.
  • The Impact of Inflation: Rising prices and inflation can erode the value of retirement savings, pushing seniors back into the workforce.

Desire for Purpose & Engagement

  • Social Connection: Work provides a crucial source of social interaction and combats isolation, which is important for the mental and physical health of older adults. 
  • Continued Productivity:  Many seniors wish to remain active contributors to society. Work provides a sense of purpose and fulfillment.
  • Staying Mentally Sharp:  Engaging in work can help older individuals stay mentally active and potentially reduce their risk of cognitive decline.

Flexibility and Experience

  • Self-employment:  The rate of self-employment is higher among older workers. This offers them the flexibility to adjust their schedules and workloads. 
  • Valuable Skills: Seniors bring a wealth of experience and knowledge that can be highly valued in certain industries.

Employer Needs

  • Labor Shortages:  Certain sectors are facing labor shortages, which employers are trying to address by looking at previously underutilized pools or workers – including older adults.
  • Mentorship:  Older workers are well-positioned to mentor younger generations and pass on their knowledge and expertise.

Important Considerations

While many seniors continue to work for various reasons, it's important to recognize that some older individuals are forced to stay in the workforce due to insufficient financial resources.  

Policies aimed at promoting financial security for older adults and enabling flexible work arrangements can make staying in the workforce longer a choice rather than a necessity.

Engage into the 'Experienced Workforce' today!

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