More Seniors are Working

[Tekward]

Interesting trend:

The share of full-time workers who are 55 years old or older has climbed to 21 percent this year, up from 17 percent in early 2008 and from 12 percent in 2000, according to the U.S. Bureau of Labor Statistics.

Job Picture Improves for Boomers Launching Second Acts

The article offers the optimistic spin (encore careers) instead of discussing limited options (and poor preparation) in a bad economy.

What is your personal experience with working seniors?

 

[gerrym51]

I work 4 hours a week

 

[old woman]

I am 65 and working full time still. My boss is 70 and gave notice. Many coworkers are over 60. Most of us could quit and live on SS and savings. One will quit in December this year when he is 68. His wife just turned 65 and he was waiting for that, she is on chemo again and he didn't want her to lose insurance or have to have him take Cobra. He will have a nice pension, some 401K and a beautiful waterfront home he has had forever. Kids are grown no real desire to do anything new in retirement.

Boss has a beautiful waterview home and other investment properties and money in the 401K. He got a new 27ft boat for his boat shed yesterday. I think he is scared of losing the house if he doesn't keep the income. SS doesn't go far when you have expensive things like a new boat.

I am 65 with a more modest house but some boats, trucks and stuff. I have saved 720K now but have 130K mortgage. SS will almost support me but I like watching the money grow. I just got Medicare so will retire soon doing OMY. I am thinking Jan 2014.

 

[W2R]

Boss has a beautiful waterview home and other investment properties and money in the 401K. He got a new 27ft boat for his boat shed yesterday. I think he is scared of losing the house if he doesn't keep the income. SS doesn't go far when you have expensive things like a new boat.

Each to his own, but personally I would much prefer to spend an extra 40+ hours/week in a smaller boat, or even no boat at all, instead of just knowing I had a new 27 ft boat in my boat shed while I was at work. To me, that is just so sad and probably very frustrating.

 

[seraphim]

Could it be the percentages change because there are fewer younger workers as well? A lot of new high school and college grads are working part time. Most of your baby boomers are probably in that 55+ range as well. Those factors, I would think probably affect the percentages.

 

[Walt34]

Each to his own, but personally I would much prefer to spend an extra 40+ hours/week in a smaller boat, or even no boat at all, instead of just knowing I had a new 27 ft boat in my boat shed while I was at work. To me, that is just so sad and probably very frustrating.

Indeed it is, and I know a guy at work who is staying even after July when the pay cut goes into effect because of his payments on among other things, a nice boat. He's almost desperate about the income reduction but it seems not to occur to him to sell the boat or some other toys.

But a couple of others who are quite well off and clearly don't need the money are staying. Consensus is that it is their social meeting place more than the money that is their reason for staying.

And a bunch of others, like me, have concluded that it was a good gig while it lasted but now, on to other things.

 

[SumDay]

This was in PlanSponsor yesterday:

PLANSPONSOR.com - Financial Resources for Retirement Changing

Seven out of ten pre-retirees surveyed say they would ideally like to include some work in their retirement years

 

[ER Eddie]

Yeah, I'm that way too, and I think it's becoming increasingly common. As Walt and others have said, it's having the option to walk if you want to -- that's the big difference. I like the idea of puttering around at something for 10-20 hrs/week, to earn a little extra money, socialize a little, get a little sense of purpose/contribution, etc. But I also need to know that if it sucks, I can say "bye bye" and move on to something else.

 

[Andre1969]

Could it be the percentages change because there are fewer younger workers as well? A lot of new high school and college grads are working part time. Most of your baby boomers are probably in that 55+ range as well. Those factors, I would think probably affect the percentages.

I think you're right, in that all of those factors are swaying the percentages. A more meaningful statistic, I'd think, would be what percentage of the group of people 55 and older is still working, rather than what percentage of the workforce the 55+ crowd makes up.

I read an article somewhere (forget the link, but I think its title was "The greatest retirement lie ever told) that showed in general, fewer old people are working now as a percentage of their age group, than at most times in the past, other than perhaps the 90's and early 2000's. The point the article was trying to make was that once upon a time, most people worked until they died, and the concept of retiring and having a life of leisure was a relatively new thing, born after WWII ended or sometime thereabouts.

 

[LitGal]

Just 20 days a year....

Didn't expect to work, once I retired last June. But my school hired a number of new teachers, and the state requires them to pass through a "Resident Educator" program of mentoring for four years, before they can receive their official teaching license.

Everyone at school is already busy with their regular jobs. So the principal asked me to take on the 4 teachers who qualify for the program. I work 20 days, contracted at my previous pay rate, to help them get fully licensed. I make my own schedule and (actually) it's a lot of fun. I always used to work with new teachers anyway, so now it's nice to get paid for it.

Next year, the school will have four more new teachers, plus this year's four will be in their second year. So now I have to decide if I can commit to 40 days. Probably will do it, to pay for travel adventures. It doesn't feel like work because I have no grading, lesson plans, curriculum writing, parent conferences, faculty meetings (all the stuff that wore me out).....

Plus, it's great fun to see my former students. Right now they're asking me to go with them to see the new version of Great Gatsby coming out this Fri.

Just the fun parts of the old job, I guess.