1. Working Longer, Working Differently
OLDER AMERICANS:
Working Longer,
Working Differently

2. The “Magic” of 65? “Retirement”: A relatively recent phenomenon
Thank you, Chancellor Von Bismarck
U.S. Social Security & 65
The “industrial model” of retirement
Mandatory retirement

3. Retirement: The Roles, The Rules, and the Relationships
Sociological Foundations:
Roles
Rules
Relationships

4. Staying Ahead of the Curve: The AARP Work & Career Study*
A National Survey Conducted for AARP by Roper ASW.
September, 2002
*Available on the AARP Website

5. Two Significant Demographic Shifts
Workers over 55: % of workforce %
Highest growth rate in U.S. workforce will be among workers aged 55 to 64.
Fueled by “leading edge” of the boomers
Americans are leading longer, healthier lives, enabling them to work longer

6. THUS:
As boomers move through the workforce and retire, there will be more jobs than workers to fill them.
“…the U.S. will grow older and face critical shortages of qualified workers, especially in the dominant & growing service sectors of the economy.” p. 1

7. The Survey When: May/June, 2002 Who: 2,518 workers ages 45-74.
African American & Hispanic American 45+ workers over-sampled

8. KEY FINDINGS
45+ workers want to continue working and to have viable work options later in life
Conditions for working into “retirement”:
more flexibility & autonomy
Why work?
Money & health care coverage
Peace of mind
Enjoyment & a sense of purpose

9. Key Findings, cont’d.
A better balance between work and personal lives--70%
Many face major life challenges on the home front

10. Want more respect, training, benefits, & flexibility.
“Employers, particularly those who will feel the effects of shrinking workforce, will be increasingly challenged to address these needs.” p. 2

11. 2/3 have concerns that age discrimination remains a major barrier to their advancement & well being in the workforce
Minority workers--generally positive about their workplace prospects, but slightly less optimistic than the total pop. Of 45+ workers about their own personal future.

12. Who Are the 45+ Workers? Boomers constitute 70% 57-64 y.o.--20%
Full-time--67%
Part-time--11%
Self-employed--15%

13. Segments of the 45+ Workforce
1. Sustainers:
Comprise 36% of 45+ workforce
They work to live--91% say money is a major factor in their decision to work

14. 2. Providers Comprises 25% of 45+ workforce
“The central role of work in their lives is to help them provide for others, and many are sandwiched between the needs of their children and those of their aging parents.” p. 3
Work is important to their self-esteem--fulfills their role as providers and caregivers

15. 3. Connectors Particularly connected to their work
Spent more years with current employer than others
Hold strong personal connections to co-workers
Strong interest in health & retirement benefits that have accrued over many years
Comprises 16% of 45+ workforce

16. 4. Contributors Live to work
Better educated, more affluent; a lot of “re-entries” to the workforce
Executive & professional jobs
“Feeling useful and making a contribution to society--not money--is what most Contributors say motivates their decision to work.” p. 4
Comprises 22% of 45+ workforce

17. Working into “retirement” part-time---69%--Why?
Interest & enjoyment
Mainly for needed income & health security
Starting one’s own business
Work full time doing something else

18. Better than love?
“…working is so central to 45+ workers that many more say it plays a larger role than romance in shaping their feelings about themselves…the inability to find a job would damage their self-esteem far more than those who say that inability to find a made or personal relationship would hurt their self-esteem.” p. 7

19. The Worklife Juggle--in the past 5 years:
Responsible for care of parent--31%
Last child moved out--26%
Major career change--26%
Mid-life crisis--23%
Adult child move home--23%
Survive illness--21%
Divorce or remarry--19%

20. What do they want? Friendly work environment
Respect from co-workers and supervisors
Opportunities to use skills/talents
Do something worthwhile
Learn something new
Help others
Pursue something they’ve always wanted to do

21. “As the overall size of the labor force contracts over the next decade, employers will need to accommodate these needs in their workplace if they are to attract and retain a strong, reliable and able workforce.” p. 9

22. The 15 best places to work after 50 (Modern Maturity. Nov/Dec 2000)
Creative recruiting
Flexible benefits
Age-friendly culture
Fair compensation
Continuing growth
Retirement on your terms