Connecticut Issue | March 2024

The traditional picture of retirement is evolving. As lifespans increase, many individuals find they need to extend their working years to solidify their finical security. The Retirement Income Institute reports that around 40% of Americans nearing retirement age won't have enough saved. With longer lifespans, some may find their savings need a boost. This new trend presents an opportunity for employers to tap into a rich pool of experienced and skilled workers.

This financial gap stems from multiple sources, including the decline of traditional pensions, stagnant wages, and rising healthcare costs. Additionally, the rise of the gig economy, while offering flexibility, often lacks the support of employer-sponsored retirement plans, further compounding the issue. But what does this mean for the future of retirement? Experts foresee a significant shift: older adults staying in the workforce longer. This trend is already evident, with labor participation rates for those aged 65-69 at their highest level in decades.

This shift in retirement patterns presents employers with a chance to gain a significant edge in the workforce. By becoming an age-friendly workplace that values the experience and skills of older workers, companies can take advantage of a pool of experienced and skilled older workers. This not only fosters inclusivity but also creates opportunities for those seeking extended work. Older workers bring a wealth of institutional knowledge, proven problem-solving skills, and valuable perspectives that can boost innovation and creativity within teams. They also tend to be reliable with a strong work ethic, leading to lower turnover.

The future of retirement may be uncertain, but one thing is clear: a win-win scenario exists. By embracing this evolving landscape and implementing innovative solutions, employers can gain access to a valuable talent pool, while individuals can achieve a secure and fulfilling retirement. Let's work together to ensure a future where everyone thrives, regardless of age.

CBS News chief medical correspondent Dr. Jonathan LaPook talks with experts about the distinctions between normal and abnormal aging as it affects memory issues, and a workforce continuing beyond traditional retirement age.

Embrace lifelong learning: Be open to new ideas and technologies in your field. Online platforms like Coursera and Udemy offer a vast array of courses, both free and paid, to help you upskill in in-demand areas like data analysis, digital marketing, or project management software relevant to your field.

Have a strong personal brand:  Create a strong LinkedIn profile that showcases your expertise and experience. Optimize your profile with relevant keywords and use industry-specific hashtags to get noticed by recruiters. Share insightful articles, participate in industry discussions, and consider creating your own content to establish yourself as a thought leader.

Leverage your experience: Share your knowledge and foster intergenerational collaboration by mentoring younger colleagues. You can also volunteer for internal training programs or committees to contribute your expertise. Participating in industry events and conferences is a great way to stay updated on the latest trends and network with peers.

Source: MarketWatch, SHRM

Debra Glazier felt stuck in her job search before enrolling in the MaturityWorks program in June 2023. Despite actively applying for remote data entry jobs, she struggled to get interviews or job offers. After assessing Debra's skills and experience, her MaturityWorks career counselor helped her identify key areas needing improvement - updating her resume to better showcase her capabilities and enhancing her data entry skills through additional training.

Debra was assigned to U.R. Community Cares as a data entry specialist where she gained valuable on-the-job experience. She also enrolled in an online Medical Billing and Coding class. Debra gained new data entry skills and learned new methods and techniques, increasing her skills significantly in just a few months.

Recently, Debra secured a full-time remote Data Entry Specialist role at Amalgamated Benefits Company. Debra reflected on her experiences saying, "I will always be grateful for the opportunity MaturityWorks gave me. The remote training and continued support from Mr. Henderson enabled me to make myself more marketable and find the fulfilling job I was seeking."

The Hispanic Coalition of Greater Waterbury, Inc. has been around since 1988. The Coalition has over 20 years of social services experience in the greater Waterbury area and is a principal leader for bilingual services, advocacy, collaboration, education, and policy development in the Hispanic community.

Since 2022, the Hispanic Coalition has partnered with MaturityWorks as a host agency, offering invaluable opportunities for career changers. One trainee is currently undergoing training within the administrative department. Through her assignment, she is actively refining her communication skills in both Spanish and English, while also gaining hands-on experience in customer service, clerical tasks, and various other administrative duties. Moreover, the Coalition's ethos extends beyond mere skill acquisition; it serves as a nurturing environment that instills essential values, fosters respect, and imparts crucial lessons on empathy towards those facing adversity.