In a shift from traditional retirement, a growing number of baby boomers are choosing to work well into their sixties and seventies.
Today, nearly 20% of Americans aged 65 and older are still employed, nearly double the number from 35 years ago.
As retirement becomes a more flexible concept, many boomers are redefining what it means to retire. Instead of retiring to a life of leisure, they are opting to remain in the workforce for reasons ranging from mental stimulation to personal fulfillment, reported Fortune.
The trend of older Americans staying employed well past the traditional retirement age is not only due to financial necessity but also because they genuinely enjoy their work.
Mark Walton, author of Unretired: How Highly Effective People Live Happily Ever After, explains that these individuals, often college-educated, are part of a larger shift in the workforce. They contribute to what Walton calls “a huge, exponential shift” in the American economy. With their less physically demanding jobs, this generation of knowledge workers is transforming professional careers for future generations.
The idea of retirement as a permanent withdrawal from the workforce is becoming outdated as more older Americans find purpose and joy in continuing their careers, reported Fortune.
Data from the Pew Research Center underscores this shift, showing that the number of older Americans who continue working has quadrupled since the 1980s. Currently, around 11 million people aged 65 or older are part of the workforce, comprising 7% of all wages paid by U.S. employers, reported Fortune. This is a significant increase from just 2% in 1987.
As this shift becomes more pronounced, it also benefits employers. Older workers often bring a wealth of experience, institutional knowledge, and problem-solving skills that younger employees may not possess. Their continued involvement in the workforce allows companies to maintain stability while also benefiting from the deep expertise that comes with years of experience.