The Growing Trend of Unretirement

In June 23, 2017
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Journalist Chris Farrell recently published an interesting book titled Unretirement: How Baby Boomers Are Changing the Way We Think About Work, Community, and the Good Life. In short, the book examines one of the most important professional trends in the 21st century. Namely, many senior citizens are choosing to work (either in full or part-time capacity) beyond the standard retirement age. In this article, we will break down what this means for you as an employer.

 

An Aging Population. One of the most striking demographic trends striking the US (along with most other industrialized nations) is a rapid aging of the population. People are simultaneously living longer while also having fewer children — and the result is that the average and median ages rise. Many experts have warned for years now that this will lead to economic trouble, as the population of retirees will become proportionally oversized compared to the working population. Fortunately, it seems that this problem may be solving itself in a certain way: many older people are jumping at the chance to fill coveted spots in the workforce that have been left open. But economics isn’t the only reason why unretirement is becoming more popular:

 

The Disenchantments of Retirement. Psychologists often point out that retirement can be a challenging time for many people. Even though we may look forward to putting our legs up and enjoying peace and quiet, the truth is that most people enjoy being productive. So regardless of financial concerns, there are many older Americans who are taking advantage of their good health in order to work jobs that they’ve always found interesting.

 

So What Does Unretirement Look Like? Because many older Americans have been saving for retirement, they oftentimes have increased freedom upon reaching retirement age. This means that they may choose to return to their old jobs — but they oftentimes pursue lower-paying opportunities in other sectors that they find more interesting.

 

What Does Unretirement Mean for Employers? As more and more Americans choose to unretire, employers are faced with a mix of new opportunities and new challenges. Older workers offer experience, wisdom, and a special passion that inspires them to keep working — but they also require different training techniques than their younger counterparts. Moreover, crafting benefits packages and justifying hiring decisions can also be challenging when dealing with older workers.

 

Concerned about your rights and responsibilities as an employer? Contracting an HR firm may make your job easier. Visit Precise Payroll online today to learn more.

 

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