A recent Gallup poll found that 74% of adults plan to work past traditional retirement age. The majority, 63%, say they will work part time, while 11% say they will continue to work full time. Times have really changed – in 1995 only 14% planned to work past retirement. We are just beginning to see the intersection of the aging of the baby boom generation, the outcome of the recession, and the lack of retirement savings for a number of older adults.
Most of the people in this study say they want to work, as opposed to saying they have to. The reality is: both are true. According to the Employee Benefit Research Institute, only 57% of people 55-64 have enough savings to last through a traditional retirement. This could mean that the older workers will be the fastest growing segment of the labor force.
So this month, Silvernesters, we are looking at the world of work. From continuing to work at your current job to finding a new role, we are looking at what it means to work as we get older. Increases in longevity mean fewer of us work at only one or two jobs like the generation before us, retiring with a party and a move to a sunshine state. We are taking a closer look at what people are doing to span this longer life stage and examining the range of opportunities from “lifestyle jobs” to the gig economy to encore roles.
We are also exploring entrepreneurship after 50 and what is driving people to leave their former careers to bet on their own ingenuity and work ethic. It’s a growing trend for older adults, particularly women. And you don’t want to miss our pieces on how this generation of workaholics are handling retirement, when they do retire.
You are planners. The choice to house share shows your commitment to a smart retirement. We hope this focus on work and purpose is enlightening, fun, and provides a map to what is happening in today’s workforce. Welcome to August!
Housesharing with Silvernest
You can learn more about renting out your spare room at Silvernest.com – Silvernest is a complete home sharing solution. With our 100% satisfaction guarantee, our unique matching system, background checks, secure in-website chat and more, listing your room is easy, so you can focus on choosing the housemate that’s right for you!