Working after retirement is a topic that comes up in everyone’s retirement. Will it be too stressful? Do you need the money? Will it keep you occupied? How will it affect your social life? These questions can only be answered by you, but the benefits of being a senior employee do seem to outweigh the costs.
Participating in senior employment gives seniors a constructive way to spend their retirement, while also having time to travel and pamper. Senior part-time employment allows for the perfect balance of work and leisure. Senior volunteering is another form of senior employment but with the least amount of responsibility. Volunteer options are generally unpaid, so this option is used most by retirees who do not have any financial obligations and are simply looking to give back to the community or use their time profitably.
Adults over 50 represent one of the fastest growing labor groups in the US. This is in part because people are delaying the start of their retirement due to the economy and also because today’s retirement community is more active and living longer than any generation before them. Although the senior population is not the largest labor force, it is predicted to be the fastest growing.
As you can see, the 55+ population is predicted to increase the highest amount in the next decade. Here are some more in depth details on how the senior employment network has grown:
- From 2000-2006 the percent of American workers 55+ increased from 13-15%
- By 2015, one in five (20%) of all working Americans will be over the age of 55
- At the same time, an influx of younger workers will drop, leaving positions open for older workers
- 69% of an AARP survey of workers aged 45-74 said they plan to continue working beyond traditional retirement age
- 10% plan on starting a self-employed retirement job
- 19% said they would work part-time jobs for necessary income
All of this data coincides with the simple fact that senior employment is becoming a popular trend. This could be because of the influx of senior employment options available in the next ten years, or because working as a senior employee can actually help your mental and physical health.
Becoming a senior employee is not a one sided benefit. Employers who hire seniors gain employees who are trained, experienced, dedicated and willing to learn. The hiring process of senior employees helps the companies, the employee, and the economy at large. According to AARP Board Chairman Charles Leven, “Employing older workers can unlock the purchasing and creative power of millions of trainable employees and eager consumers. As people age, they continue to create demand for goods and services. This, in turn, creates jobs for people to produce those products and services. In the United States, people aged 50-plus control 75 percent of the nation’s disposable income and own 77 percent of all personal financial assets.”
Benefits of being a Senior Employee
As you can tell, the benefits for becoming a senior employee affect everyone! But what specifically benefits you, the retired individual looking for something new in your life?
- Cures being bored at home
- Allows you to try something new
- Get paid to do something you like
- Help with a charity of your choice
- Helps with rising health care costs
- Stimulates your mind
- Delay in taking your social security (means better payout when you do!)
- Add to your nest egg for a longer amount of time
- Tax benefits
With all of the benefits senior employment gives retirees, the real question is why wouldn’t you return to work after retirement? There are countless ways of finding a job; one being our own job descriptions on our senior employment page! There are also many programs and organizations created to help seniors find their second jobs.
Senior Employment Programs
- Workforce50
- Senior Community Service Employment Program (SCSEP)
- AARP Job Fairs
- Senior Environmental Employment Program
- Senior Training and Employment Program
Tags: senior employment