Nearly 20% of Americans aged 65 and older are still employed, almost twice as many as 35 years ago. Many baby boomers are keeping their jobs well into their 60s and 70s. They say they “like going to work.”
Mark Walton wrote a book called “Unretired: How Highly Effective People Live Happily Ever After.” He says these older workers are part of a big change in the American economy.
They have jobs that are not very physical. This is changing professional careers for future generations. The idea of retirement as leaving work forever is becoming outdated.
More older Americans find purpose and joy in continuing their careers. Data from the Pew Research Center shows that the number of older Americans who keep working has gone up by four times since the 1980s. Right now, about 11 million people aged 65 or older are working.
They make up 7% of all wages paid by U.S. employers. In 1987, it was only 2%. This change is good for employers too.
Older workers often have a lot of experience and knowledge. They can solve problems in ways that younger employees may not be able to. When they stay in the workforce, companies can stay stable.
They also benefit from the deep expertise that comes with years of experience. George Cavedon, who is 73, is an example of this trend. He has spent the last 18 years working in marketing at a small firm.
When he tried to retire in his 50s, he felt bored and lonely. He says, “Retirement to me is a scary thing.
Older Americans embrace post-retirement work
How much can you lay on the beach? For my own personal mental health and well-being, I like being active and working.”
A big part of baby boomers, especially those who went to college and have less physical jobs, are causing a major shift in America’s economy. Mark Walton says this generation is changing professional and executive career paths.
This could shape what society expects for generations to come. As the U.S. thinks about what the future of work will look like, the fact that baby boomers are still working has big effects. Some people are afraid they will never be able to afford retirement.
But there is also a growing group who refuse to retire because their work gives them meaning and identity. The way people think about work and retirement is changing. More companies now see the value of older workers.
They have invaluable experience and can teach younger colleagues. This challenges the idea that older employees should be forced to retire. “The reality is, there is a labor shortage, and the labor shortage is a shortage of highly skilled, highly knowledgeable employees,” Walton notes.
This gap, along with people living longer and having less physical work, makes it necessary and good for older workers to keep working. Renee Stanton, who is 61, plans to become a contractor. This way she can keep earning money while also enjoying her hobbies like skiing and sailing.
She says, “I’ve got decades ahead of me, knock on wood.” She wants to keep working on her own terms while also doing the things she loves. In conclusion, the idea of retirement is quickly changing. For many baby boomers, the traditional idea of retirement is less appealing than the chance to stay engaged and productive at work.
This change is good for the individuals and also addresses broader economic needs. It suggests a future where “retirement” as we know it may be completely redefined.
