About 3/4 of today’s workers expect to work for pay even after they retire. But, historically, fewer than 35% of retirees actually report working for pay after retirement.
The disparity between retirees who want to continuing working and those that find jobs could get even greater in the coming decade.
The challenge, according to a new MetLife report, is that aging boomers will make up most of the increased labor force. But companies and boomers aren’t well prepared to connect.
The Bureau of Labor Statistics estimates that between 2006 and 2016, the U.S. labor force ages 55+ will increase 47% from 25 million to 37 million, while the labor force ages 16 to 54 will increase less than 1%. The 55+ population will account for almost 93% of the net increase in the U.S. civilian labor force. (p.8)
The report outlines common misconceptions held by older job seekers and actions mid-life career professionals should be taking now to improve their future employability.
Unrealistic expectations are central to many of the study’s findings. Older workers will face hurdles if they try to recreate the same work they’ve always done, overestimate their technology skills, underestimate retirement finances, or expect that experience will trump the age barrier.
Values are changing. Unless you have a niche skill—like stainless steel welding—experience just isn’t as coveted as it once was. Again we cite Dr. John Medina of Brain Rules, who points out that younger generations are less compelled to actually learn information, because it’s so accessible online. (You’ve seen it on a dozen sitcoms and commercials already…the young, upstart careerist shows up an older colleague, sourcing information with a few taps on their iPhone.)
As for today’s mid-career workers, the report provided only general (and rather common sense) notions of what workers can do now to prepare for future career success. Among the suggestions….self-evaluation, market evaluation, planning, continuing education, and networking.
Exactly what a motivated job seeker would do…at any age.