New retirement plan: Keep working
Hess envisions himself working until at least 70, but it isn't merely about the paycheck. He works from home four days a week, and he continues to feel fulfilled by his job and relationships with colleagues.
"I love the people at LexisNexis," he said. "I have people in my life ask me, 'Why are you still working?' You know, I like what I'm doing."
Hess is part of a generation of people in the workforce who are redefining what it means to retire. The concept of retirement is quickly evolving for Americans, who are no longer ending their work lives in their late 50s and early 60s. Now, workers are extending their careers for a multitude of reasons: financial hardship,
By 2022, more than 27 percent of
In
Local and state data mirror a national trend that is transforming workplaces across the country. In 2016, almost 9 million Americans 65 and older were employed -- an increase of nearly 19 percent from 2000, according to the
'I'm the last one out'
Examples of people working past the traditional retirement age are easy to find.
"All of my friends are retired," he said. "I'm the last one out here."
Harrison has advised his children, who are now in their 30s, to start saving and planning for retirement. Between his home equity, his business and his savings, Harrison feels he'll be prepared for retirement when it comes.
For others, however, retirement isn't an option.
Most people pay into
"It can all become confusing so people just put it off until later," he said.
Common retirement plans offered by employers have also drastically changed in the past couple of decades.
And those benefits could get smaller in the future.
By 2034, under current projections, the
Overcoming barriers
With people generally needing to work later in life, agencies have developed programs geared toward helping them adjust to the modern workplace.
One such program,
Many of these workers face barriers like a lack of skills or education. And some, like 68-year-old
After getting laid off from her manufacturing job in
"I didn't want to learn how to use a computer," Lee said. "You know, sometimes we can be set in our ways. We get grumpy People have to be more patient."
Lee was accepted into the SCSEP program, where she learned computer skills and rotated through different jobs in several government agencies and nonprofits. After completing the program, she was offered a job at Goodwill Easter Seals -- teaching other senior citizens how to apply for jobs online and edit their resumes.
'I like to be busy'
People delaying their retirements is a growing phenomenon in many workplaces.
"All those aspects financially, I think, lend people to wanting to stay in the workforce longer," he said.
McCabe said many older workers still find passion and meaning in their work, and they choose to cut back their hours instead of retiring completely. They offer a rich perspective and needed institutional knowledge for the CareSource company culture, he said, often mentoring younger employees who are newer to the industry.
Even though retirement is decades away for millennials, some are already thinking about how they will afford life after work.
Still, Osting doesn't see herself slowing down much, even well past retirement age.
"I would see myself retiring in my mid-seventies, God-willing, if I'm healthy enough," she said. "I like to be busy, and I like to be doing things, having something to be passionate about."
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