Connecticut Issue | September 2023
Volume 7, Issue 3
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Retirement Trends for Older Workers |
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The tradition of retiring around 65 is fading, as increasing numbers of older adults choose to remain employed later in life. According to the Bureau of Labor Statistics, the labor force participation rate for adults 75 and older is projected to increase from 8.9% in 2020 to 11.7% by 2030, reflecting this trend towards delayed retirement.
With Americans living longer and healthier lives, many older adults simply do not want to stop working. Surveys show the majority of older employees say they work primarily for reasons other than money, such as staying mentally and physically active and maintaining social connections. The economic realities of living longer also play a role. Pensions are not as common as they once were requiring workers to fund a longer retirement through 401ks or similar plans. Healthcare, housing, and other costs continue to rise as well. Working beyond traditional retirement age provides extra income and allows some older adults to maximize their Social Security benefits past full retirement age.
Older employees aren’t just filling grocery store shelves and office cubicles. Many are pursuing careers that allow them to use decades of accumulated skills and experience in new ways. Popular options include consulting, mentoring, starting businesses, and working for nonprofits or in healthcare - fields that align with their interests and passions.
The trend towards delayed retirement is projected to continue growing. Remaining engaged in meaningful, rewarding work activities well past traditional retirement age can provide mental, physical, social, and financial health benefits throughout the later years of life.
Expand your capacity and strengthen your community programs. MaturityWorks provides seniors with the opportunity to rejoin the workforce by providing job training and work experience. MaturityWorks matches eligible older job seekers with local nonprofits and public agencies so they can increase skills and build self-confidence while earning an income. Contact us today for information on becoming a host agency. Visit www.workplace.org/maturityworks
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Demand For Older Workers Increase |
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Why are major companies like Microsoft and Bank of America suddenly so interested in hiring older workers? Johnny Taylor, President and CEO of the Society for Human Resource Management, recently spoke with CBS News Money Watch to unpack the perceptions about mature workers and explain these corporations' new pledges to give employees over 50 a fair shot. |
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Age Friendly Work Policies |
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Recent research shows age-inclusive workplaces experience less turnover, higher engagement, and major gains in expertise. As the workforce ages and people work longer, companies need to adapt to support employees of all ages. Here are some tips to create a more age-friendly work environment.
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Offer flexible work options to help employees balance demands. When possible, provide arrangements like remote work, compressed schedules, and adjustable hours. This accommodates staff of all ages, especially older workers, allowing them to attend to medical needs or caregiving responsibilities.
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Provide ongoing training for employees to learn new tech tools required for their role. Technology skills vary greatly across generations. Patience and ample hands-on guidance help everyone adopt devices, software, apps, and more.
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Facilitate intergenerational collaboration. Blend younger and mature workers into teams to share knowledge. Younger colleagues can assist with tech mastery while older workers impart experience and institutional wisdom.
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Review practices to prevent age bias. Make sure recruiting and promotions are based on merit, not age. Give workers of all ages an equal chance at new roles and advancement. Avoid assumptions that older staff are not interested in leadership or different opportunities.
With some thoughtful policies and practices, companies can show employees of all ages are valued. Small changes can make a big difference in creating an age-friendly work culture.
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Does your company offer flexibility like work from home or flexible schedules? Let us know?
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Wayne Brown is a 57-year-old New Haven resident who has overcome major health challenges to get back to work doing what he loves. After decades of working as an independent security guard, Wayne's life was upended in April 2022 when he underwent a heart transplant. The recovery process forced him to give up his job, leaving him without housing, and to move into a boarding house.
Wayne refused to give up. Once medically stable, he connected with social services and was referred to the MaturityWorks program. Wayne threw himself into the training program and started rebuilding his skills by providing office support at MaturityWorks before transitioning to on-site training at Sunrise Café. Wayne impressed the staff with his dedication and positive attitude. Both worksites were a great way for Wayne to rebuild his interpersonal skills and gain additional administrative skills. Eventually, MaturityWorks staff helped him secure a position with Arrow Security.
Now, Wayne is back doing what he loves - providing security for Park City Communities through Arrow Security. Wayne's perseverance and hard work in the face of adversity make him an inspirational example of how MaturityWorks can help older adults overcome barriers and successfully return to the workforce. Wayne demonstrates that with motivation and grit, older Americans can restart their careers and regain their independence.
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Since its founding in 1971, the Parkville Senior Center has been steadfastly committed to its mission of honoring seniors and enriching their lives. Through decades of recreational, social, and health programming, the center has provided a welcoming hub for older adults to learn, stay active, and form meaningful connections.
The Parkville Senior Center has been a MaturityWorks host agency since 2018. As a training site, the center offers participants a nurturing environment to build vital workplace skills. Under the guidance of the center's knowledgeable staff, trainees gain hands-on experience with essential functions like computer proficiency, organization, attention to detail, and interpersonal communication.
Currently, the center hosts two MaturityWorks trainees who are thriving under this program. With coaching from center staff, they are enhancing their Microsoft Office abilities, email etiquette, data entry accuracy, and more. Most importantly, our participants are connecting with the center's lively community of seniors who visit daily for stimulating activities.
We're honored to collaborate with the Parkville Senior Center as they continue their mission. Their enduring care for seniors and community makes the center an ideal training ground. Our participants not only gain employable skills but learn firsthand the profound value of uplifting human connection.
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1000 Lafayette Blvd, Suite 501 · Bridgeport, CT 06604 · (203) 610-8500 |
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