Today’s Mission:
Discover whether you’re too old to work. A recent Forbes article examines the debate of aging in the workplace. J’Neanne explains.
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(Click the featured times below to jump forward in the episode)
The Briefing
- [spp-timestamp time=”2:42″] – Mailbag: Jack is planning to retire and move to the beach in a couple of years. However, home prices are high now. He wants to know whether to sell and rent.
Strategy Points:
9:09 – Forbes Article: The Context.
- A recent Forbes article asks whether 64 is too old to get a new job these days. It examines the problems presented by longevity. People are living longer, and they’re working longer. However, there’s a disconnect between what employers see and what employees are looking for. Many folks want to semi-retire or work a part-time job, and many companies will allow you to enter a sort of “phased retirement.” People want to stay connected in a purposeful manner in their old age. However, other employers want you to retire at a younger age.
12:16 – Too Old To Work Versus Too Old To Hire.
- HR departments are looking for smart folks at the least amount of expense. Unfortunately, older folks are more valuable as they have more experience, and companies can deem them to be too expensive. Older folks are often passed over for younger talent, as younger talent is seen as a more affordable alternative. However, more and more people are working later and want to continue to work. Employers must find a way to bridge the gap between older employees who want to work longer and their bottom line that finds seniors to be a premium commodity.
14:16 – Empty Nesters Stand To Save.
- If you’re in your peak earning years, and you’re an empty nester, then you stand to save more if you work more. Once your kids are off the payroll, you can begin to save more aggressively. Of course, some folks need to save more. They didn’t save in their 20s and 3os, and paying for their children’s college education ate into their retirement savings. If your employer won’t let you continue to work because of your age, of if you’re unable to find a job because of your age, you could face a real problem when trying to save enough to retire.
Other Objectives:
- 13:30 – Should You Work Longer To Save Longer?
- 17:18 – What Have You Done For Me Lately?
- 18:50- Consider Semi-Retirement.
The Grand Plan:
[spp-tweet tweet=”We’re living longer, and we’re working longer. A part-time job or second career can go a long way toward helping you boost your retirement savings. – Your Financial Mission“]
The Spy Kit:
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More Intel:
The host: J’Neanne Theus – Contact – Call: (443) 718-6310
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