A growing number of Americans are working well past retirement age. For some, this is a necessity and for others a matter of choice.
Different Kinds of Jobs
People who work well into their late sixties appear to be in professional positions. Employees with higher incomes often get better job protection. Professors may hold academic tenure and lawyers have their own practice. Finding and holding a job is much harder for those who need the most income.
The Choice to Work
Around 19% of Americans aged 65 and older are currently employed, up from around 12% in 1996. The U.S. Bureau of Labor Statistics projects that nearly 22% of people aged 65 and over will be working by 2026.
People living in wealthier areas of Southern California are more likely to be working. 30% of people 65 and older living in Beverly Hills are still working. That is the state’s highest rates of senior employment.
Other affluent enclaves are not far behind, such as Newport Beach, Santa Monica and Laguna Niguel. Older workers are concentrated in many different jobs. They are real estate agents, bus drivers, and tax advisers. Most of these people claim to be enjoying their positions, not wanting to retire because they enjoy what they’re doing.
69% of baby boomers plan to keep working past 65. Financial reasons are one reason for continuing to work later in life, but they cited quality of life as a factor nearly just as often. People want to stay active, keep their brains alert, have a sense of purpose and maintain social connections.
The Necessity to Work
Employment is a financial necessity for lower-income older Americans. However, age discrimination and the physical demands of blue-collar work can force seniors to retire early.
Some seniors have been job hunting for years because they used all their finances on medical bills. They don’t have a choice, but to keep working because they need the income. Older workers find it more difficult to find a job despite their reliability, experience. And work ethic.
We still live in a society that has a lot of ageism. People judge somebody maybe by their wrinkles and the gray in their hair, and not necessarily by what they can contribute to the workplace.
Last year, there was a 22% increase in the number of homeless seniors registered in Los Angeles. Trejo argues that one way to reverse this phenomenon could be to encourage more employers to hire seniors.
For many Californians close to retirement, the Great Recession only made things worse. During the financial crisis, the racial wealth gap widened to the point where U.S. black and Mexican households in Los Angeles had only 1% of white households ‘ wealth.
Fairmont Grand Senior Living Community
Fairmont Grand is a resident centered senior living and memory care facility in Rapid City, SD. Our goal is to create an environment where resident well-being is at the heart of everything we do.
Our wide range of services are designed to meet you or your loved one’s daily needs. We offer restaurant style dining options, a variety of physical activities, and give residents the opportunity to live as independently as possible.
If you or a loved one near Rapid City, South Dakota are considering assisted living or memory care, contact Fairmont Grand to learn more about individualized living options or tour our community.
