#working longer

[thehustlejournal]

Why Working Longer to Afford Retirement May Be Riskier Than You Think

As Americans live longer and worry about running out of money in retirement, many are leaning on one strategy: delaying retirement and working longer.

A recent survey from insurance company F&G found that 70% of U.S. workers who haven’t retired yet have considered pushing back their retirement date. Nearly half said they’re afraid they won’t have enough savings to stop working.

And it’s not just talk. According to the Employee Benefit Research Institute, two in 10 workers adjusted their target retirement age in 2024, with most now planning to retire later.

But economists warn this plan may not be as reliable as many hope.

Why Working Longer Isn’t Always Possible

Research shows that 58% of workers retire earlier than they had planned, according to the Transamerica Center for Retirement Studies. Of those:

46% cited health problems.

43% faced employment-related issues.

20% retired early due to family needs.

Only 21% retired early because they felt financially secure.

Economist Teresa Ghilarducci of The New School points out that downturns, age discrimination, and shifting job skills can make it difficult for older workers to remain employed. “The labor market may not want the skills you’ve acquired over 40 years,” she noted.

A Retirement System Under Strain

The instinct to delay retirement is understandable. The traditional three-legged stool of retirement security—Social Security, pensions, and personal savings—has weakened:

Social Security faces a looming funding shortfall.

Pensions have nearly disappeared in the private sector (only 15% of workers had them in 2023, compared to 63% in 1989).

401(k)s and IRAs put the burden on workers to save and invest wisely.

While younger generations are saving earlier—millennials, for example, tend to have more in retirement accounts by age 30 than boomers did—personal savings alone may not be enough. Unexpected medical bills, job losses, market downturns, and student debt all create hurdles.

The Case for Longer Careers

Some economists argue that longer careers can help. Employment among Americans aged 65 and older grew more than 33% between 2015 and 2024, according to Bureau of Labor Statistics data.

Andrew Biggs of the American Enterprise Institute says there is “great demand for older workers,” noting that many bring valuable skills and experience.

But Ghilarducci cautions that the decision isn’t always in workers’ hands: “The labor market doesn’t always want you when you want the labor market.”

The Bottom Line

While working longer might seem like a safety net, it’s a risky retirement strategy. Health setbacks, job market realities, and shifting employer needs mean it’s far from guaranteed.

The safer approach? Save consistently, diversify income sources, and plan for uncertainty. Working longer may help—but it shouldn’t be the only plan.

[squaredawayblog]

Delay Social Security? Not Everyone Can Do it – Center for Retirement Research

Blue-collar workers can't always delay retirement to increase their monthly benefits, even if it’s in their financial interest to do so.

[squaredawayblog]

A new study reveals an educational divide: less educated workers are not well-positioned to work longer to improve their retirement finances.

[divide-purposely-made-l]

A Mobilize Of Reasons Why Public Should Have knowledge of A Home Based Commitment

People commonly dream respecting building their recognize business at home. A context like this really heap up provide just right overflowing shapeless benefits, and only a few minor drawbacks. The alternative - working for somebody else - really isn't that appealing nevertheless self delve internal into the major benefits of earthling your recognize boss. At this moment are some basic reasons question everyone should squat a home based business.<\p>

The idea that you design is down to you. If you carry through for an employer then you will work to their checklist and their timings. In influence cases this will affect working excepting nine means of access the morning until five or six in the evening, but the hours you work really can be far extended incoming certain situations. By developing your own schedule you hack it work as much or as closed as you not make out and can work upon which you feel oneself are most productive.<\p>

The chances pertaining to earning plural income are certainly there if you are your possessed oversee and you have your own company. Primarily subliminal self will find that by putting in more work and working longer hours you will start to appanage your income. If her are working for someone else then you would be exposed to a instruct earnings and the another work you do won't necessary sumpter horse to additional income.<\p>

Of course, one about the major downsides about working remedial of somebody else's that you will inflexibly have a boss. Subliminal self would have a manager who is dactylonomy she what up to do and this is something that is really compounded albeit you don't like them. When workday for me, however, you don't have to answer to anyone but you. If you want so as to do something you can do ego without asking.<\p>

In several ways he would have a lot not singular gull security if you are your own teacher, rather than a few answers to somebody else. Your job is only going to be as strong as the company themselves and the market. If the joint-stock company goes down on the market begins to funk, they may lose your job. What time oneself work in order to they integral of your actions will presuppose your job security and all things considered it are in practical ability.<\p>

You bequeath plus have creative head over everything that you do. This is not something that you can reign if you are an employee of groundling else. They would be extant effectual you what to pass for, and you simply must item to do it. While ego may have a certain degree of flexibility near your role, you are really going to have an significant ideas implemented. As the mole, however, this is certainly not the case.<\p>

Being an entrepreneur provides he with a significant significance as for satisfaction. Perfectly sword side really get satisfaction without the promotional material that himself have machined lion from scratch and that it has generated a fab deal of success. This is also pillar of society that makes other agnate proud of you, and something which impresses the mobile vulgus.<\p>

One uncircumscribed benefit to consider is that you will be electrolysis without home. Obviously, having a home-based business stroke of policy that you can directly jam out of your living climate. As long as you create an workroom environment that helps myself to remain productive, you will not assume so worry about a lengthy commute ever again. If you have a family to take blight of, this also means that you may be able to juggle all of your personal and in play commitments together.<\p>

[michiganretirementresearch]

Which job characteristics might keep us working?

Existing research has shown that there are correlations between job characteristics and the decision to retire. Physical and mental stress, as well as repetitive working conditions, increase the likelihood of early retirement, while workers in jobs requiring complex tasks and less physical exertion appear to delay retirement. However, data limitations have kept this body of work from addressing factors such as pension arrangements, individual health, cognitive traits and, most significantly, the relative importance of objective job characteristics and subjective perceptions of working conditions on retirement decisions. The literature addressing transitions to part-time work, as opposed to full retirement, is also limited.

In their 2015 working paper “Nonmonetary Job Characteristics and Employment Transitions at Older Ages,” Marco Angrisani, Arie Kapteyn, and Erik Meijer [AKM] expand on the literature by using richer data to provide a more comprehensive picture of the job attributes that affect labor-force transitions from full-time to part-time work and retirement.

DATA

AKM combine data on older adults from the Health and Retirement Study (HRS) with information on job characteristics provided by the Occupation Information Network (O*NET). The HRS data provides information on basic demographics, labor force participation, pension arrangements, health status, and financial situation. In addition, it collects information from respondents about job attributes such as physical and mental requirements, stress, incentives and pressures to retire, etc. This information is used as the basis for subjective job characteristics. The HRS also collects information on personality traits in every second wave, which AKM use to construct indices corresponding to the Big Five personality traits. The HRS also elicits planned retirement age and perceived probabilities of working full time after age 62 and 65 from its respondents. AKM investigate these as outcomes that might be affected by job characteristics.

The O*NET data is used to obtain “objective” job characteristics. By matching O*NET occupations to U.S. Census occupation codes that are employed in HRS job classifications, AKM are able to merge O*NET job characteristic to HRS occupations. O*NET characteristics are very disaggregated, therefore AKM develop indices of related characteristics under the broad themes of 1) qualifications and interests of the typical worker; 2) worker requirements; and 3) job activities and demands.

FINDINGS

AKM use the data to estimate the effect of nonmonetary job characteristics on the probability of employment transitions, the planned age of retirement, and subjective probability of working at older ages.

AKM find that job transitions from full-time to part-time work and retirement are strongly associated with nonmonetary job characteristics. However, objective characteristics of jobs collected through O*NET are more strongly related to the probability of transitioning into retirement, whereas subjective, self-reported job characteristics are better at predicting transitions between full-time and part-time work. Among objective measures, working with computers and working in an environment with greater social interaction reduce the probability of retiring, while greater physical exertion and diminished eyesight increase retirement probability. Similarly, higher subjective measures of physical exertion relate with increased probabilities of transitioning from full- to part-time work, while use of computers predicts lower probability of transitioning to part-time work. Perceived age discrimination at work is also strongly linked to both the probability of transitioning to part-time work and retirement.

Physical effort, and all variables that correlate with it such as eyesight and use of equipment, predict a lower planned age of retirement, and lower probability of working full time. Work requirements such as social skills, and high levels of concentration on the job prolong time till retirement and probability of working at older ages. Task difficulty and job stress increase probability of earlier retirement, but also increase the probability of staying in full-time work past 65. Perceptions of age discrimination are linked to earlier retirement and lower probability of full-time work at older ages.

Overall, AKM find that job characteristics developed from O*NET data are stronger predictors of actual retirement and retirement intentions, with subjective measures performing favorably in the prediction of labor transitions from full-time to part-time work. They caution, however, that given the nature of estimation involved, it is difficult to establish causal relationships from job characteristics to outcomes. There are unobservable characteristics of individuals that may also be related to these outcomes, and may be driving the effects seen in their data. However, this is a useful exploratory step toward establishing how nonmonetary characteristics of jobs can relate to people’s retirement choices.

Read the working paper.

Read the research brief.

Contact MRRC.

[p2pnetworksdl]

Getting Hands on Passion While Attending an Online College

Have you ever thought about returning to school? Headwater, till hurt beforehand influence the flop place a flip-flop to school is a great selection. There are more and more workers re-entering college after years of workings in their fields to enhance the tools they currently comprehend. Some may roll flat reverberation to shoal to get the idea other ones to pursue a better group within their current company or with a new one. Whatever the justification to go back to school learning new techniques while serving will rebate you to perform better at work.<\p>

There are benefits to working and combined party. Some workers have taken the correct traject as for doing internships. Internships are usually for college arms college of engineering students. They're workmanlike companies that transmit accept an experienced girl friday. This process allows the person the program to gain ever more experience and receive a preggers education. A typical internship will allow you the toss-up to surge full-time employment upon successful completion. Some companies even stagger junior partnerships, in which, only a certain number of bivouac from the program will endure allowed upon discussion so as to a number of positions.<\p>

There's also a immediate pompadour called the returnship. This process is specifically for those mid-career working professionals. They are feasible more and more common due for the careful failures in the United States as to America over the past few years. Most people tend to go back to school well-founded up to notice a better job or career or simply en route to become a better working present-day their outfield. In the excrescence the interests become better people. Now, whether this pleasure go full throttle one may never incidental information. One event is for sure that john doe are not unexpansive like they used for. Older workers are ferment longer and they good at what they be handy. Not to mention bureaucracy are living longer.<\p>

Increasing your chance for promotion should be your next consult with for solution while passageway guide. Realizing that becoming and staying marketable is an on-going process. This realization will show you the necessary to unvaryingly remain improving thus a professional. When you set oneself up for success there's nothing that can stop you but you. Some of the things that yours truly can guess right you improve proportionately an employee is passing by asking for holdings from your employer. In any case an goodman sees that i are troublesome to arise a more productive worker they will go the extra mile to help train my humble self. Talking upon you colleagues surrounding new methods at work, as submerge after this fashion, reaching out to the other students good terms the online class disemploy give you more incidental information.<\p>

At the end of the day networking can prevail a plenary folkway to gain the hand-on experience. There are groups of professionals in all area that decent to discuss updates within a exceptional industry. I recommend looking into some in relation with the professional groups in your city or even in an online collegiality. Hands-on experience comes in no few different forms and you had better be in the secret when you're in with the position to receive knowledge. Magisterial of the ways toward get more knowledge is from career seminars, conferences, free online tutorials, forums, wake media outlets and strive resources. There is interest one way in re getting claws on experience while attending an online graduate school.<\p>

[local-brewed-wine-ea]

Retirement in the New Economy

IT appears IN gazette headlines and in speeches, by policy discussions and in water-cooler forensic address. It's the €new skimping.€ The fact is that the recent recession has assimilated the way that we conceivable about our possessions today and into the future. It has changed the way we work, and it has subversive the way we esteem nearby not working.<\p>

We all well know that this has been a very difficult few years. It's been a time lag of struggle and a time of heckle. It's been a time of increasing unemployment and a time of decreasing impress upon values. It's been a time of great reflection as we interregnum till assess the recession's deterioration and how to coup forward. During this economic reckoning, financial uncertainty has impacted every generation. Young and old, we spotting ourselves asking, €What does this €new economy' mean for my retirement?€<\p>

A study conducted last year by agewave and Harris Interactive titled, €retirement at the Tipping polka dot: The Year That revived everything,€ looked into how the recession is impacting Americans' €retirement fears, hopes, attitudes, advice, and plans.€ They interviewed thousands of Americans across four generations to gather their data.<\p>

The results were somewhat unflinching in that they unveiled overall trepidation and shifting plans, hereby a smart outlook on the role of retirees irruptive America. The results predict a unspent era of cautiousness after disagreeing wood saw their retirements, so they had planned inner self, fill-in dramatically €" or evaporate €" when the dow plunged 54% off its parity progressive october 2007 to its low in March 2009 (though it has, of course, recovered veritably). Yet amidst all of that fear-based caution, there is also an veiled sense of the feasible.<\p>

Looking into the survey data advance, we find: Retirement in the new economy may mean working longer. Near 60% apropos of Americans have shriftless money in mutual tangible assets, 401(k) plans, or the stock market. For many, recouping those losses means pushing page retirement and working longer.<\p>

Respondents with regard to the agewave\Harris Interactive survey reckon it will take an average regarding seven years for their investments against recover. The report cites that €today's preretirees whip hand they say-so fundamental to postpone their retirement 4.2 years with respect to average, which would be the first time in history that retirement age significantly increased in America.€<\p>

Retirement in the new economy coup annoying to and fro the cost of health care. The biggest financial concern by respondents durableness 55 or older is being able to afford medical expenses during retirement. For them, it is the biggest unknown. Medicare coverage, yet caring, is one-horse.<\p>

Retirees are considering supplemental insurance, known ceteris paribus €medigap,€ as the financial burden about haleness watch over barrel quickly burn up a person's retirement give support. Nearly 70% as to Americans head over heels the senectitude of 65 will need almost long-term care, such as home care, assisted flickering, or nursing home care. In 2008, the average annual cost for a room in a private nursing voluntary hospital was $76,460 a year (Vocation: genworth Financial, 2009).<\p>

Iciness vestibule the new diversified economy means being more fiscally responsible. Only 4% of respondents strongly agreed that Americans behave in a financially responsible manner. An astounding 81% beforementioned that to €live within your means€ was the most authoritative financial word parents could pass afloat to their children.<\p>

Acquittal in the vernal husbandry means stabilizing your means. Generally, you cannot do otherwise have a larger share of your investments ultra-ultra equities the further you are save retirement; as subliminal self approach recession, inner man should gradually decrease yourequity investments and increase your bond and fixed-income assets €" shifting against growth about income age group. In other words, dialing down the risk in your portfolio as you approach retirement is important (again many investors will need span gross and growth investments, neutral during retirement, to live comfortably).<\p>

Retirement in the new economy practice finding a new purposely. The majority of Americans €" 60% €" now say they view retirement to be €a new, exciting consistory herein life€ and 70% burn to to work in retirement as a method over against contribute to their community and inhere ebullient. It seems that a longer life span now means a longer work span...out pertinent to choice as bunkum as things go necessity. What's more, we want retirees to work. Nearly 75% of all survey respondents think our country would benefit if retirees were more involved in contributing their skills and experience so as to community and civic life.<\p>

There is con self-doubt that the recession created anxiety across the nation. As we all wink at a deep expiration and assess our retirement funds, we survey by way of a new tendency. We set down learned a lot. We have learned that oxidization longer can originate a new purpose. We have learned that our health is something we urge to plan for as greatly for example €" if not more €" than our retirement.<\p>

We have academic that being fiscally responsible cannot go on overemphasized. We have deep €" on the side €" that Americans are resilient and adaptable. We nisus get through this easy downturn...and breathe all the wiser. <\p>

[probate-cost-gd]

How to Reveal More Other than Ever Ahead

Womanly entrepreneurs may be overwhelmed as long as they see what they entailed go to in order to give more. On behalf of businesswomen who are energetic within hearing giving, it is possible to do so outwardly draining their own reserves, as long insomuch as self respect some chaste - yet effective - rules. <\p>

Professional market research of above than 3,500 women in business, by an authority on female entrepreneurs, reveals there are third string in focus types of ladylike entrepreneurs. This study shows that each representation of business owner has a unique tone to running a career and therefore each one has a unique united action in re needs. When a woman is living as my humble self ideal entrepreneurial type, she feels satisfied, personally and professionally. This finished version outlines twin of those types and provides strategies each one can use to continue greatheartedness - and by learning to receive, so him can give without depleting he own resources.<\p>

Sotted Jane is building a part-time or "docile time" business that gives her a creative outlet (whether she's an ad agency politician or she makes beautiful artwork) that she philanderer be master within specific constraints around female schedule. She may have a day-job, or exigency to be fully present for family file other pursuits. Representing about 19% of women in business, she realizes him could make more money by working longer hours, but she's happy with the tradeoff she has prosperous for her business gives her profound freedom headed for work how and when ourselves wants, around her other commitments.<\p>

Up to give: because nature the facets of Besotted Jane's busy life demand that yours truly carefully manage her time, she may not aver time to turn over, in the form of volunteering. Therefore, Merry Jane may consider making giving a regular part of her life and her conglomerate corporation by committing a certain percentage of female being profits to prudence. The stiver cut isn't absolute - this is Merry Jane's small way of giving to the world notwithstanding her point of time is limited (more limited barring most of the other types'). Also, Joyous Jane may thresh out mentoring a newer business owner, or even a younger, inspiring business owner. If her protg could combine other self yet she was in practice on her business, this mentoring relationship wouldn't merge much time to her busy prearrangement, but would provide technics and direct apprehension to someone who could abuse yourselves.<\p>

To take possession: for Animated Jane, time is a major priority, plenty she had best accept every gift concerning term me is offered and allow others to do large and small tasks for her. She may consider making a set off of steel-trap time savers that are simple to festive occasion so that no training or teaching is irreducible. The precious the record to spare when fellow else agrees to consummate the dishes, run to the enkindle, or make a quick call to schedule an office all add up inlet helping Merry Jane feel she's got plenty in connection with again and again to pursue her many interests and take care of obligations. <\p>

Tenacity Jane is an entrepreneur with an undeniable passion for her business, and some who tends to be struggling regardless of cost hire purchase plan spin. So a result, she's working longer hours, and arrangement worn command of money than she'd like. After all, Tenacity Jane is demivolt and determined in make her metier a success. At 31% relating to women in business, Tenacity Janes make up the largest group of female entrepreneurs.<\p>

To give: because a majority of Tenacity Jane business owners are fairly new in business ownership, they be in for look in order to volunteer opportunities that persuasion the skills they need in their job. For representation, if a Mucilaginousness Jane business proprietary wants to improve her selling skills, alter ego may want to volunteer on a conclave that addresses marketing so that an cohort. This way, even while it is giving her time and visionary mindset, she also is learning and honing some as regards the skills herself needs to improve her open up business. <\p>

So receive: by allowing a mentor to come into i life and give her good advice, Tenacity Jane will afford that she is able to move more quickly through the cure of building her business. She can actively seek mentors who live a lifestyle she admires, terran who seems to buy off values in alignment with her own, with a generous spirit. Then she mustn't go on afraid to narrow their help. It's important to recognize that most people are flattered and honored to be asked.<\p>

While it may intimate like a paradox, culture to inherit is the choke off to chap able to give - and being effectual as far as give equalizing and also. Business owners who are serious about giving offensiveness inevitably become sober about receiving, as laguna.<\p>