The American workforce is graying and working into their sixties. Enterprises TV looks into the reasons why the older worker is sticking around.
One of the reasons why people continue to work into their 60s and 70s is because the Social Security Administration raised the age for receiving benefits to 67 from 62. Another reason why some people choose to work longer is because company retirement plans are more defined for both employer and employee contributions than in previous decades. This allows the worker more time to save for their after-work life. The 2008 Recession is another reason why older employees are choosing to continue to work. When older employees lost their jobs during the economic downturn, some had to rely on savings to make ends meet. Retirement accounts were tapped and investments lost money. In order to make up for that lost time, Enterprises TV learns that the older worker went back to work when hired and is planning to work well into their 70s to pad their finances for the so-called “Golden Years”.
Employers who hire older Americans gain valuable experience and knowledge which is put to work for the good of the business. The senior-aged employee is going to be working for some time. Those who feel they are not “with it” and choose not interview or hire them are doing a disservice to their business or organization.