For many U.S. workers, retirement conjures up images of sunshine and travel. When it comes to planning for this chapter in life, however, many workers fall short. Over a third of workers ages 60 and older (34 percent) say they aren’t sure how much they’ll need to save in order to retire, according to a CareerBuilder survey. Also, employees aren’t always using the tools employers give them to start their savings: More than 1 in 4 workers age 55 and older (26 percent) do not participate in a 401(k), IRA or other retirement plan.
What Does This Mean for You?
Planning for retirement can be stressful for workers. Employers can help ease this stress by providing their employees guidance in this area. There are a variety of ways you can help your employees plan for a financially secure retirement, such as financial education and coaching to make sure employees know how much they need to save. Many employers simplify and automate the process of enrolling in retirement financial plans, to make it as easy as possible for employees to start saving. Many also give a company match to employees, to encourage them to save right away. It’s important to ensure your employees feel empowered with the tools they need to plan for their future.
Workers close to retirement often dream of spending quality time with family, taking those long-awaited vacations or picking up a new hobby. But for many, retirement just means leaving their current job for a new one.
According to CareerBuilder’s annual retirement survey, 53 percent of workers (age 60-plus) are currently delaying retirement, and more than half say they plan to work after retiring from their current career. Of the group that plans to find employment post-retirement, 81 percent say they’ll most likely work part-time, while 19 percent plan to continue working full-time.
The most common types of jobs these workers plan to pursue include:
- Customer service
What does this mean for you?
People are living longer, healthier lives, so many are able to work well into their golden years. In this job market that is turning more competitive for talent, there is a pool of experienced workers looking for jobs that could be a good fit for your company. Beyond the ability to bring a wealth of knowledge to your organization, they can also serve as mentors to younger staff.
The good news is many employers are already hiring seasoned employees or are looking to do so in the future. Fifty-four percent of private sector employers hired mature workers (age 50-plus) in 2014 – up six points from last year’s 48 percent – and 57 percent plan to do so in 2015.
For more information on mature workers and common employer misconceptions, check out following articles: