Older Workers Reject Traditional Retirement for Employment, Volunteering

Increasing numbers of older adults are spurning the traditional concept of retirement, opting to continue working, return to employment, or volunteer, reports the North Jersey Record . The National Council on Aging's Maura Porcelli said 53 percent of 60- to 64-year-olds worked in 1994 versus 63 percent now. In addition, about 40 percent of currently employed 65-and-up workers have come out of retirement. "Baby boomers have flipped the script on what retirement looks like," Porcelli said. "They still feel vital, they still have contributions to make to the workplace beyond 65." Longer lifespans, fewer pensions, inadequate savings, and rising healthcare and housing costs factor into some decisions not to retire. Meanwhile, Paul Irving at the Milken Institute's Center for the Future of Aging noted employers are increasingly acting on workers' desire for longer employment, with the health and financial services industries striving especially to draw and retain older talent. Porcelli added that older workers have demonstrated greater stability and reliability and have a wealth of knowledge that can be expensive to replace.