1 Many older adults would like to delay retirement, while others who retire prematurely for various reasons would like to continue working in some capacity after retirement in an encore career or a bridge job. Older adults may continue to work for economic reasons (need income and/or health insurance) and/or personal reasons (desire to stay involved, enjoying their work, wanting to have an impact).
π π Theπmajorityπofπworkersπinπtheirπfiftiesπandπsixtiesπplanπtoπ workπafterπtheyπretire,πwithπ52%πreportingπthatπtheyπplanπ toπworkπpart-timeπandπaboutπ9%πreportingπthatπtheyπplanπ toπworkπfull-time.πFewerπthanπoneπinπfiveπworkersπ(19%)π doπnotπplanπtoπworkπafterπtheyπretire,πaccordingπtoπaπ2012π reportπbasedπonπtheπTransamericaπRetirementπSurvey.π 1 π employmentπ(aboutπ60%πofπthoseπleavingπaπfull-timeπcareerπ jobπafterπageπ50πandπaboutπ53%πofπthoseπleavingπafterπageπ
55)πmovedπfirstπtoπaπbridgeπjobπratherπthanπdirectlyπoutπofπ theπlaborπforce,”πaccordingπtoπaπ2006πanalysisπofπdataπfromπ theπHealthπandπRetirementπSurvey.π 2π thanπplannedπ(45%πinπ2011).πManyπretireesπwhoπretiredπ earlierπthanπplannedπciteπnegativeπreasonsπforπleavingπtheπ workforceπbeforeπtheyπexpected,πincludingπhealthπproblemsπ orπdisabilityπ(63%),πchangesπatπtheirπcompany,πsuchπasπ downsizingπorπclosureπ(23%),πandπhavingπtoπcareπforπaπ spouseπorπanotherπfamilyπmemberπ(18%).πOthersπsayπ changesπinπtheπskillsπrequiredπforπtheirπjobπ(8%)πorπotherπ work-relatedπreasonsπ(20%)πplayedπaπrole.πSomeπretireesπ mentionπpositiveπreasonsπforπretiringπearly,π suchπasπwantingπtoπdoπsomethingπelseπ(25%)πorπbeingπ ableπtoπaffordπanπearlyπretirementπ(22%),πbutπjustπ6%πofπ theπtotalπofferπonlyπpositiveπreasons,”πaccordingπtoπtheπ
2011πEBRIπRetirementπConfidenceπSurvey.π 3π
π π Amongπworkersπinπtheirπfiftiesπwhoπplanπtoπworkπafterπ agedπ65,π8%πsayπtheyπneedπhealthπbenefits,πwhileπ44%π sayπtheyπcan’tπaffordπtoπretireπandπ17%πsayπtheyπneedπtheπ income.πOtherπreasonsπincludedπwantingπtoπstayπinvolvedπ
(18%)πandπenjoyingπwhatπtheyπdoπ(10%).πAmongπworkersπ inπtheirπsixties,πaπsomewhatπhigherπproportionπreportπ wantingπtoπkeepπworkingπforπenjoymentπreasons:π26%πsayπ theyπenjoyπwhatπtheyπdoπwhileπ14%πsayπtheyπwantπtoπstayπ involved,πaccordingπtoπaπ2012πreportπonπtheπTransamericaπ
RetirementπSurvey.π 1
2 The majority of older adults who seek encore employment or bridge jobs are between the ages of 51-62, have a college education, have held professional or white collar jobs, and are in good health. However, workers in blue collar jobs are also seeking encore or bridge employment, at rates comparable to those at higher ends of the wage scale.
careersπareπbetweenπ51πandπ62.πAboutπoneπquarterπ(24%)π areπbetweenπtheπagesπofπ44πandπ50,πwhileπanotherπ16%πareπ betweenπ63πandπ70,”πaccordingπtoπaπ2008πMetlifeπsurvey.π 4 π
π π Inπaπ2007πanalysisπofπdataπfromπtheπHealthπandπRetirementπ
Studyπitπwasπfoundπthatπ“menπ[58%]πandπwomenπ[62%]π whoπratedπtheirπhealthπasπexcellentπorπveryπgoodπwereπmoreπ likelyπthanπthoseπwhoπratedπtheirπhealthπasπfairπorπpoorπ
[men:π44%,πwomen:π43%]πtoπtakeπonπbridgeπjobs.”π 5 π andπwhite-collarπjobsπ(88%),πhaveπatπleastπaπcollegeπ educationπ(67%),πandπtendπtoπliveπinπcitiesπandπtheπ surroundingπsuburbsπ(72%).ππInπcontrast,πofπthoseπinπ encoreπcareers,π3πinπ10πneverπgraduatedπfromπcollege,π3πinπ
10πliveπinπsmallπtownsπandπruralπareas,πandπnearlyπ2πinπ10π
(18%)πworkedπinπaπblue-collarπjobπbeforeπmakingπtheπswitchπ toπanπencoreπcareer.”π 4π prevalenceπandπsocio-economicπstatus.ππThoseπatπbothπ endsπofπtheπwageπdistributionπhadπhigherπratesπofπbridgeπ jobπemploymentπthanπthoseπinπtheπmiddleπwageπgroups.”π 5
3
When older workers seek encore employment or bridge jobs, they often look for jobs with good balance between work and personal life and with some time and place flexibility. friendlyπworkπenvironment’πisπdeemedπabsolutelyπessentialπinπanπidealπjobπbyπ88%πofπolderπworkers…Justπunderπtwoπinπfiveπ(38%)πviewπ theπ‘opportunityπforπpart-timeπwork’πasπessentialπinπtheirπidealπjob,πandπoneπinπthreeπ(34%)πidentifyπtheπ‘abilityπtoπworkπfromπhome’πasπ essential.ππ74%πratedπhavingπaπflexibleπscheduleπasπanπabsolutelyπessentialπpartπofπtheirπidealπjob,”πaccordingπtoπaπ2008πAARPπsurveyπ ofπolderπworkers.π 6
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4
Many older adults seek jobs in which they feel they can have an impact on causes or issues of importance to them, often in industry sectors that serve a public good.
π π Whenπworkersπwhoπhadπgraduatedπfromπcollegeπandπwereπ employedπfull-timeπwereπaskedπtoπrankπtheπimportanceπ ofπ‘havingπaπjobπwhereπIπcanπmakeπanπimpactπonπcausesπorπ issuesπthatπareπimportantπtoπme,’π59%πofπmillenialsπinπtheπ workforceπratedπthisπgoalπasπ‘veryπimportantπorπessential’,π comparedπtoπ49%πofπGenXersπandπ52%πofπBabyπBoomers,π accordingπtoπaπ2012πHeldrichπCenterπreport.π 9
π π Manyπolderπadultsπ“inπencoreπcareersπareπworkingπinπ educationπ(30%),πhealthπcareπ(23%),πgovernmentπ(16%),π otherπnonprofitπorganizationsπ(13%),πandπfor-profitπ businessesπthatπserveπaπpublicπgoodπ(9%),πaccordingπtoπ aπ2008πMetlifeπsurvey.”π 4
5
Many employers view mature workers seeking encore careers or bridge employment as desirable additions to their talent pool, and possessing positive attributes such as reliability, leadership skills, and strong work ethic.
π π Halfπofπnonprofitπemployersπ(50%)πseeπencoreπworkersπasπ highlyπappealingπ(ratingπthemπ8-10πonπaπ10-pointπscale),π withπanπadditionalπ39%πfindingπthemπmoderatelyπappealingπ
(ratingπthemπ5-7).πOnlyπ10%πsaidπthatπtheπideaπofπhiringπ encoreπworkersπwasπnotπappealingπ(ratingπthemπ0-4),π accordingπtoπaπ2008πMetLife/CivicπVenturesπsurvey.π 4 π
Hiringπmanagersπalsoπreportπthatπtheyπregardπolderπ workersπasπprofessionalπ(85%),πgoodπlistenersπ(77%),πandπ organizedπ(77%),πandπthatπtheyπhaveπaπpositiveπworkπethicπ
(75%)πandπstrongπleadership/managerialπskillsπ(75%),π accordingπtoπaπ2012πsurveyπofπhiringπmanagersπatπ500π
U.S.πcompanies.π 8 π
6
Older employees report that they are engaged in their work and are eager to keep their skills up-to-date and to learn new skills.
π π Inπaπ2007πanalysisπofπdataπfromπtheπHealthπandπRetirementπ
Study,πitπwasπfoundπthatπwhenπaskedπtoπindicateπhowπmuchπ theyπagreedπorπdisagreedπwithπtheπstatement,π“Iπenjoyπ goingπtoπwork,”π95%πofπrespondentsπonπbridgeπjobsπsaidπ theyπstronglyπagreed.ππResponsesπwereπsimilarπacrossπ wageπorπoccupationπgroups.πAboutπ33%πofπwhiteπcollar,π highlyπskilledπworkersπsaidπtheyπ“stronglyπagreed”πwithπtheπ statement,πasπdidπ33%πofπblueπcollar,πnon-highlyπskilledπ workers.π 5
π π Inπaπ2008πTowersPerrinπreportπonπaπsurveyπofπoverπ
1000πworkersπagesπ50+,π93%πofπsurveyπrespondentsπ reportedπthatπtheyπenjoyπlearningπnewπthings,πandπ77%π expressedπinterestπspecificallyπinπwork-relatedπeducation.ππ
Furthermore,π83%πofπtheπrespondentsπwereπinterestedπinπ programsπdesignedπtoπbuildπnewπskills,πwhileπ90%πwereπ interestedπinπtrainingπthatπupdatesπcurrentπskillsπandπ knowledge.πAπmajorityπ(57%)πalsoπexpressedπinterestπinπ trainingπthatπwouldπhelpπthemπgetπanπentirelyπdifferentπ typeπofπjob.π 10 π
References
π 1
Collinson, C. (2012). Redefining retirement: The new ‘retirement readiness’. The 13th annual Transamerica
Retirement Survey. San Francisco, CA: Transamerica Center for Retirement Studies. Retrieved from https://www.ta-retirement.com/resources/TCRS%2013th%20Annual%20Thematic%20Report%20
Final%205-14-12.pdf
π 2
Cahill, K., Giandrea, M., & Quinn, J. (2006). Retirement patterns from career employment. The Gerontologist, 46(4), 514-523.
π 3
Helman, R., Copeland, C., & VanDerhei, J. (2011). The 2011 retirement confidence survey: Confidence drops to record lows, reflecting “the new normal”. (Issue Brief No. 355). Washington, DC: Employee
Benefit Research Institute. Retrieved from http://www.ebri.org/pdf/briefspdf/EBRI_03-2011_No355_
RCS-2011.pdf
π 4
Metlife Foundation, & Civic Ventures. (2008). Encore career survey. San Francisco: Civic Ventures. Retrieved from http://www.civicventures.org/publications/surveys/encore_career_survey/Encore_Survey.
pdf
π 5
Cahill, K. E., Giandrea, M. D., & Quinn, J. F. (2007). Down shifting: The role of bridge jobs after career employment. (Issue Brief No. 6). Chestnut Hill, MA: Boston College Center on Aging & Work/Workplace
Flexibility. Retrieved October 30, 2007 from http://agingandwork.bc.edu/documents/IB06_DownShifting_003.pdf
π 6
Groeneman, S. (2008). Staying ahead of the curve 2007: The AARP work and career study. Washington,
D.C.: AARP. Retrieved from http://assets.aarp.org/rgcenter/econ/work_career_08.pdf
π 7
Helman, R., Copeland, C., VanDerhei, J., & Salisbury, D. (2008). EBRI 2008 recent retirees survey: Report of findings (Issue Brief No. 319). Washington, DC: Employee Benefit Research Institute. Retrieved from http://www.ebri.org/pdf/briefspdf/EBRI_IB_07-2008.pdf
π 8
Adecco USA. (2012). Adecco staffing mature worker survey. USA: Adecco USA. Retrieved from http:// www.adeccousa.com/articles/Adecco-Staffing-Mature-Worker-Survey.html?id=204&url=/pressroom/ pressreleases/pages/forms/allitems.aspx&templateurl=/AboutUs/pressroom/Pages/Press-release.
aspx
ππ9
Zukin, C., & Szeltner, M. (2012). Net impact’s talent report: What workers want in 2012. Brunswick, NJ:
Heldrich Center, Rutgers University. Retrieved from http://www.heldrich.rutgers.edu/sites/default/ files/content/Net_Impact_Talent_Report.pdf
10
Towers Perrin. (2008). Investing in training 50+ workers: A talent management strategy. Washington,
D.C.: AARP. Retrieved from http://assets.aarp.org/rgcenter/econ/invest_training.pdf
2 http://www.bc.edu/agingandwork