It’s a sad fact that money doesn’t go nearly as far as it used to. That also goes for money saved to enjoy retirement. As costs continue to rise across the board, Baby Boomers are wondering if they’ll have enough money to retire this year. The combination of longer lifespans coupled with skyrocketing healthcare premiums is changing the definition of retirement for millions of Americans both young and old, and some believe it also has the potential to reshape dynamics in the workplace.
Doing the Math
The assumption that more Baby Boomers are retiring may be just that, an assumption. Results from an Indeed Flex survey of 1,000 U.S. Baby Boomers found only 10% are retired. The majority, 88%, are working full-time, part-time or doing temporary work. A survey found 35% aren’t sure they’ll retire because of current economics and a rising cost of living. As a result, 47% plan to keep working in 2025.
Unretirement Trend
These economic conditions are finding more people looking at temporary work as a means of extra money for vacations and gifts and extra funds for socializing. 83% of those surveyed said they would consider temporary work, with 61% citing a preference for work in retail, hospitality and business support. 55% are open to working 10-20 hours per week, 27% would like 20+ hours, and 14% want only 10 hours.
“Previous generations could rely on pensions and affordable living,” said Novo Constare, CEO and co-founder of Indeed Flex. “Today’s Boomers are navigating a financial landscape where Social Security alone isn’t enough to meet their current needs. Boomers are facing long-term care costs, obstacles in saving or possible investing challenges, and temporary work is a good bridge to make ends meet.”
Temp Advantages
While the need to work past the typical age of retirement is less than ideal, it is helpful for businesses. Baby Boomers bring a wide range of experience and skills. This is particularly important as many businesses and industries are experiencing skills gaps that Boomers and their experience could help fill.
Staffing Kansas City provides qualified, pre-screened candidates for short-term and long-term staffing. Whether it is a last-minute emergency hire, a planned vacation fill, or added staff to cover a seasonal influx of business, Staffing Kansas City is here to help.
