Study Reveals Most Seniors Work Because They Want To
In time for Labor Day, a new nationwide survey by the Social and Demographic Trends project of Pew Research Center finds that “a majority (54%) of workers ages 65 and older say the main reason they work is that they want to. “ See Senior Citizens Information and News at Senior Journal.Com. www.seniorjournal.com. Apparently this is a very good development since much of the growth in the labor market in the US is expected to be among seniors.
As reported by Senior Journal.com in its September 3,. 2009 article, “Workforce Graying but Majority of Senior Citizens Work Because They Want To, Pew Finds,” 93% of the growth in the U.S. labor force from 2006 to 2017 has been projected to be among workers age 55 and older. This trend of continuing to work began some twenty years ago and is expected to continue beyond the current recession.
In addition to demographics and economic factors, attitudes about work play a role. When asked to identify reasons for continuing to work, older workers included such statements as they wanted “to be with other people” and “to give myself something to do” and “to feel useful.”
When younger workers were asked why they worked the answers were more directly related to financial concerns such as supporting themselves and their families, living independently, qualifying for retirement benefits or receiving health care benefits.
This does not mean that economic factors do not affect seniors. In fact, according to the same Pew Research survey, nearly four in ten adults who are working past the median retirement age of 62 said they delayed retirement due to the recession. For workers aged 50 to 61, a whopping 63% said they might need to delay their expected retirement date because of the current economy.
The survey concludes that the downturn in the economy has accelerated the trend toward older workers remaining in the marketplace but has delayed younger workers from taking the plunge.
One explanation for the pattern among younger workers is that more of them are continuing to go to school. Today 57% of young adults aged 16 to 24 are in the labor force as opposed to 66% in 2000. Today 73% of the public feel that education beyond high school is needed to get ahead. The other reason cited is that young adults have looked for work but were unable to find employment that met their needs. More than 4 in 10 young adults aged 16 to 24 said they looked for work but could not find it. My own comment along these lines is that sometimes younger workers could be unrealistic as to what they might expect from an entry level position both in salary and responsibility. This does not detract from the fact that it can be tough for young people to find jobs generally.
There were other interesting findings in the study that both workers and employers might note.
- Workers would rather have a secure job than a higher paying job without security. Security beats pay. By a ratio of almost two to one, survey respondents reported they would prefer a job with better security over one that offers higher pay but is less stable. In pursuing job security and overall job satisfaction, seeking guidance from professionals such as HKM.com employment lawyers can provide valuable insights and support throughout your career journey, including retirement planning and other employment opportunities.
- Overall job satisfaction is high. 30% of those surveyed said they were completely satisfied with their jobs. Sixty percent said they were mostly satisfied.
- Older workers are the happiest. As one example, 54% of workers age 65 and older said they were completely satisfied with their jobs.
- Most older workers who retire are also satisfied with their retirement. It seems that older people generally are more content since retirees also say they enjoy their retirement. Fifty-seven percent reported their retirement is very satisfying and another 23 percent said it has been fairly satisfying. I might note that, under today’s working conditions, being retired, of course, does not exclude part time employment.
There is good news and some not such good news in the study. Women still cite family responsibilities, taking time off to raise children and caring for other family members, as a key reason for being unable to get a job. If the reason for not getting a job is discrimination, Wyllie Spears can help.
Although not stated in the study, Social Security severely penalizes people who are not employed for a full 35 years. Every year when a person does not work is counted back as zero and a weighted average taken. This is one reason among others that Social Security for women is often very low and contributes to higher poverty rates for elderly women later on.
About the Author Janet Colliton
Esquire, Colliton Law Associates, P.C. Janet Colliton has practiced law for over 38 years, 37 of them in Chester County, Pennsylvania, a suburb of Philadelphia. Her practice, Colliton Law Associates, PC, is limited to elder law, Medicaid, including advice, applications and appeals, and other benefits planning including Veterans benefits, life care and special needs planning, guardianships, retirement, and estate planning and administration.