Thirty-five per cent believe they will work past retirement age, but this could have a negative impact on employers.
Workers are planning to take advantage of the opportunities offered by the abolition of the default retirement age, according to new research by insurer Canada Life Group.
Over a third of employees think they will work past the age of 65, but this statistic will force employers to bear the implications of having an older workforce, with the focus being on benefits and the likelihood these will become more expensive as a result.
However, there seems to be a lack of understanding among workers when it comes to how long they can remain in their job. The default retirement aged was scrapped only a year ago, but research found that 48pc of workers were unaware of the changes.
This suggests that while many people may wish to work for longer, some many not be aware that there is the option, and will simply retire when they think they should.
Of those surveyed, men in particular said they feel they are more likely to continue working for longer after the removal of the default retirement age, with 44pc agreeing they would still be working past their 65th birthday. In comparison, only 31pc of women said they would be working after the age of 65…
Choosen excerpts by Job Market Monitor from
As many as one in ten Britons planning to retire this year will delay their exit from the workplace, research revealed. Some 68% of those planning to postpone their retirement based the decision on financial pressures making it difficult for them to afford being out of employment, the Prudential Class of 2012 study showed. However, … Continue reading »
At 88 years old, David Frank is the oldest Home Depot employee in North America, and he’s definitely one of the sharpest tools in the box. Frank, who lives in Windsor and has worked at the Walker Road store for 11 years, said he doesn’t really see his part-time position in the hardware department as … Continue reading »
Companies could, for example, say they needed to dismiss older workers at 65 to make way for more entry-level jobs and younger staff climbing the career ladder, the long-awaited judgment signalled. It is the first time the “public interest” defence has been applied to age discrimination law, legal experts said, adding that the case gave … Continue reading »
The number of workers age 55 and up grew by 3.5 million from September 2009 to September 2012. That represents the lion’s share of the gain of 4.2 million for all workers 16 and older, according to the Bureau of Labor Statistics. Two factors help explain the trend. First: demographics. In the three years ended … Continue reading »
Social Security program to run out of money by 2035 | Economy | News | Financial Post The Social Security program will exhaust its trust fund in 2035 and have to start reducing benefits to senior citizens unless Congress intervenes, its trustees said. That is three years sooner than projected in 2011 for the retirement … Continue reading »
Raising the ages at which people can collect Medicare and Social Security would reduce federal spending and increase federal revenues by inducing some people to work longer. However, raising the eligibility ages for those programs also would reduce people’s lifetime Social Security benefits and cause many of the people who would otherwise have enrolled in … Continue reading»
The release of the Federal Reserve’s 2010 Survey of Consumer Finances is a great opportunity to eeassess Americans’ retirement preparedness as measured by the National Retirement Risk Index (NRRI) write Alicia H. Munnell, Anthony Webb, and Francesca Golub-Sass in The National Retirement Risk Index: An Update. (Choosen excerpts by JMM to follow) NRRI shows the share …Continue reading »
We noted earlier that the recent drop in labor force participation — the percentage of people 16 or older who are working or looking for work — reflects not only the economic downturn and lack of job opportunities, but also the fact that more baby boomers are hitting retirement age. To measure the effect of … Continue reading »
Workers who switch jobs several times could lose up to a quarter of their potential pension funds under proposed reforms, critics have warned. The new system of automatic enrolment into pensions means that an increasing number of workers will have savings for their retirement. However, with the average employee changing jobs 11 times during their … Continue reading »
Despite the popular belief that Baby Boomers will continue to work well past the traditional retirement age of 65, those born in 1946 are retiring in droves, according to Transitioning into Retirement: The MetLife Study of Baby Boomers at 65. This study is a follow–up to the 2008 MetLife Mature Market Institute study, Boomer Bookends: … Continue reading »
Social Security remains the most important source of income for most Americans in their retirement. Nonetheless, there are many proposals for cutting benefits that get serious consideration, including increasing the normal retirement age. A new report from the Center for Economic and Policy Research examines the impact of raising the Social Security retirement age and … Continue reading »
A joint survey released April 9, 2012, by the Society for Human Resource Management (SHRM) and AARP shows that U.S. employers are ramping up training programs aimed at closing expected skills gaps left when Baby Boomers retire. In addition, companies are enhancing employee benefits that they hope will help with recruiting and retaining older workers, … Continue reading »