Work Into Retirement in 2020 — on Your Terms
by Don Sjoerdsma | Career Advice Expert
There was a time in the United States when hitting retirement age meant rest and relaxation.
But that's hardly the case anymore. Whether you're keeping your old job, pursuing a passion project, working out of necessity or just taking on part-time work to stay connected, you may find yourself working well into your golden years.
If that's the case, you'll want to know which sectors are readily hiring seniors and which jobs are making older workers most happy (as well as the jobs generating unhappiness). Use the following stats as a guide for finding good work as an older worker in 2020.
As baby boomers age into retirement, many of them aren't leaving the workforce.
While 10,000 baby boomers retire every day, only 5,900 leave the workforce. (Population Reference Bureau)
In 2016, 45 percent of workers ages 55 and older are expected to retire after age 65, up from 15 percent of such workers in the 1996 survey. (Population Reference Bureau)
Fifty-three percent of workers ages 60+ say they are postponing retirement, with 57 percent of men putting it off compared to 48 percent of women. (CareerBuilder)
In fact, in contrast to the overall decline in labor force participation, a greater share of retirement-age people are working than ever before.
Labor force participation for people between 65 and 74 is projected to rise to 30.2 percent in 2026, up from 17.5 percent in 1996. Those ages 75 and older will go from 4.7 percent in 1996 to 10.8 percent in 2026. (U.S. Bureau of Labor Statistics)
They're even working into their 70s.
Four in 10 workers (40 percent) doubt they'll be able to retire until 70 or older. (CareerBuilder)
At the same time, many employees are victims of age discrimination. Some are pushed out of their jobs.
The number of age-related discrimination charges filed with the U.S. Equal Employment Opportunity Commission by workers aged 65+ doubled from 1990 to 2017. A total of 18,376 cases were filed in 2017. (EEOC)
It's been on a slight decline since its historic peak of 24,582 in 2008, the beginning of the Great Recession. (EEOC)
Most will never fully recover from the financial setback caused by the ouster.
Data shows more than half of older U.S. workers are pushed out of longtime jobs before retirement — suffering irreversible financial damage. (ProPublica and the Urban Institute)
When older workers lose a job, they stay unemployed longer, even when they have lots of experience.
Workers aged 65+ are unemployed for an average of 31 weeks, compared to 22.6 weeks for workers 25 to 34 years old and 18.8 weeks for workers 35 to 44 years old. (U.S. Bureau of Labor Statistics)
In the end, most seniors would prefer to stop working or work fewer hours.
Forty-seven percent of working seniors say they wish they were retired. Thirty-three percent say they're happy to be working, while 20 percent say they like it but would prefer fewer hours. (Provision Living)
They work, mainly, for the money.
A healthy majority of seniors (62 percent) say they're working for the money while the other 38 percent say they're working for personal reasons. (Provision Living)
Here are the primary financial reasons seniors continue working:
After all, lots of people aren't saving for retirement.
Thirty-nine percent of people ages 55-64 say they don't have any money saved for retirement. (GOBankingRates)
About one-in-four workers (23 percent) say they don't participate in a 401(k), IRA or other retirement plan. (CareerBuilder)
Many seniors, however, continue working for personal reasons.
Here's why:
As they near retirement, some workers decide to change careers — and they're largely successful.
Eighty-two percent of older workers surveyed by the American Institute for Economic Research say they successfully made a transition to a new career after age 45. (American Institute for Economic Research)
The successful ones utilize skills they already had, whereas those less successful tried to learn entirely new skills.
At least 50 percent of the career-changers transferred these six skills:
Problem-solving
Interpersonal communication
Public communication
Reading comprehension
Customer service
Basic computer skills
(American Institute for Economic Research)
Whether you're working for pleasure, or out of necessity, there are plenty of jobs that are well-fit for older workers.
Here are the occupational categories for part-time workers 65 or older:
Here are some of the occupations in which workers age 55+ make up a large percentage of the workforce:
Here are the five most common jobs for men 62 and older who didn't attend college:
Delivery workers and truck drivers
6.09%
Janitors and building cleaners
6.02%
Farmers and ranchers
4.43%
Grounds maintenance workers
3.60%
Construction laborers
2.77%
Which is quite similar to the list of the most common occupation for newly hired men 62 and older. It's worth a look if you find yourself reentering the workforce:
Delivery workers and truck drivers
7.11%
Janitors and building cleaners
6.53%
Grounds maintenance workers
4.94%
Farmers and ranchers
4.63%
Stock clerks and order fillers
3.26%
Here are the five most common jobs for women 62 and older who didn't attend college:
Secretaries and administrative assistants
6.35%
Maids and housekeepers
5.57%
Personal care aides
5.18%
Childcare workers
5.17%
Nursing, psychiatric and home health aides
4.32%
Here are the jobs that workers 62 and older find most enjoyable:
Here are the jobs that workers 62 and older find most enjoyable:
As you enter your golden years, you may want to switch to a new job, or stay sharp in your current role. Either way, you should consider:
Reviewing your resume to make sure you have the skills to get the job you want. Before you apply, carefully read the job description and customize the skills section of your resume to match it.
Getting any necessary training. It's never too late to update your skill set and show employers you're willing to go the extra mile. Doing so will set you apart from the pack.
Customizing your resume for every job to which you apply. At this late stage in your career, you probably have a lengthy work history. Different parts of your career will be relevant depending on the job you're applying to. Customize your work history every time.
If you'd like to keep learning, read more of our employment stats 2020 series:
The state of blue-collar work in 2020. Such jobs haven't disappeared — they're just changing. We look at why experts predict a blue-collar job shortage in the next ten years, and how you can break into one of the fields most in need of workers.
How you can ace your next job interview. Interviews are key to landing your dream job. We reviewed the most common questions, employers' interview pet peeves and the body language that will project a winning confidence.
How to reenter the workforce without breaking your stride. Today, more workers are taking career breaks and employers have started offering "returnships" for people interested in returning to the workforce. We pull together key stats explaining this trend.
