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Seniors Working Longer After Recession

Older workers bring leadership, experience and skills to do the job.
Older workers bring leadership, experience and skills to do the job.

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July 15, 2011

The recent recession has left many seniors in a financial quandary. If you are an older adult in such a position, why not consider a caregiving career? The local Home Instead Senior Care® office offers flexible, part-time caregiving jobs that can provide fulfillment as well as income.

Q.I am very discouraged that the recession cut into my savings so much that I need to find ways to supplement my income, even though the recession is technically over. At age 75, what could I do?

First, you are not alone and second, there is no reason to be discouraged. The good news is that older Americans have weathered the financial crisis relatively well. However, many now expect to work longer, according to a University of Michigan study.

The study is based on data from 4,412 older Americans in a special Internet survey of respondents of the Health and Retirement Study, a nationally representative sample of Americans age 51 and older conducted by the U-M Institute for Social Research (ISR) and funded by the National Institute on Aging.

“We asked the same older workers what the chances were that they would still be working full time after age 65, and they went up from 47 percent to 57 percent between 2008 and 2009 – a very rapid change after a long period of stability,” said ISR economist David Weir, director of the Health and Retirement Study. The chances of working past 62 went up from 60 percent to 65 percent.

“This study is the first to show a clear change in work expectations among the same group of older Americans,” Weir said. “The findings provide compelling evidence that people have changed their retirement plans as a result of the financial crisis.”

Why not check out these two organizations to learn about the best training and job opportunities for older Americans in your area. Experience Works is an organization that helps older adults get the training they need to find good jobs in their communities.

In addition, AARP’s NET (National Employer Team) companies recognize that older workers make up a very important part of the workforce. These companies want to hire older workers because they bring leadership, experience and skills to do the job. For more information, including a list of NET employers, visit http://www.aarp.org/work/employee-benefits/info-04-2010/national_employer_team.html.

The Home Instead Senior Care® network, an organization that trains and provides CAREGiversSM to help seniors who need assistance stay at home, is an AARP NET provider company. Older adults are among their most sought-after employees because of their experience as well as the fact they relate so well to other older adults.

For more information about the study, visit http://www.ns.umich.edu/htdocs/releases/story.php?id=7309.

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