Three years ago, David Beaudouin started a new career as managing editor of content strategy for the University of Maryland School of Medicine’s publications. He was 65 years old then, only a year away from his full retirement-benefit age.
Beaudouin is not alone: He’s part of a trend of people continuing to work in their later years instead of choosing retirement. Like Beaudouin, nearly 40 percent of people age 55 and older were either working or looking for a job in the past year, according to the U.S. Bureau of Labor Statistics. And that trend is increasing: By 2024, older workers are projected to dominate the labor force.
This increase should come as no surprise, since baby boomers have longer life expectancies than previous generations and face more challenging financial hurdles. For instance, the BLS reported that changes to employee retirement plans—or their elimination—and raising of the full retirement age for Social Security benefits are pushing older folks to keep working. And the last market crash in 2008 and subsequent deep recession derailed a lot of retirement investments. Lucky for them, more companies across all industries are hiring workers well into their golden years.
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