In recent years, one of the major frustrations for Generation Xers has been the continued presence of Baby Boomers in the workforce. For a variety of reasons, they had postponed retirement, many because they thought they "could not afford it." Well, we have good news — sort of.
Some full-time workers who had been putting off retirement plans, or were thinking they would never do so, are now finally choosing to take the leap out of their long-term jobs. It is the combination of these delayed retirements and the 15.1 percent fewer people in Generation X that is now creating a challenge for employers.
A study conducted by the Harris Corp. for CareerBuilder found that 58 percent of workers age 60 and older said they are currently delaying plans to retire. That number is down nearly 10 percent from its peak of 66 percent four short years ago. Moreover, 50 percent of workers surveyed anticipated being able to retire within four years, a slight improvement from 47 percent last year.
Many put off retirement when The Great Recession decimated their nest eggs. With 10 percent of workers in this age group having expressed the feeling they will never be able to retire, half (50 percent) said they expected to be able to retire within four years.
Interestingly, two other data points emerged from the study: fewer workers are planning to take on full- or part-time work after they retire from their current job. Only 45 percent said they would look for work post-retirement – a 15-point drop from 2013 (60 percent). Among those who do plan on working post-retirement, consulting, retail and customer service work are the most popular disciplines. The other interesting point was that women (71 percent) were far more likely to delay retirement than men (49 percent).
Wise employers in all industries will acknowledge and appreciate the contributions that older workers can provide and make additional accommodations for their needs. These accommodations may include reduced physical activity, job sharing, reduced hours and phased retirement. Older workers can be very valuable assets, if supported properly.
