The retirement can be a complex and an uneasy process for many seniors. The decision to end the professional career can be seen as a closing the biggest chapter of their lifetime. Many seniors and retirees will feel confused and ask themselves the ultimate question “ What now”. Many veteran workers decide to spent their retirement on various leisure and recreation activities such as golf, exercise, dancing and other physical and social activities. However, there is a certain people that feel that they can still offer something and have the ultimate wish to extend their professional careers.
Many seniors and retired people make the ultimate decision to go back into the workforce. According to a recent research by Bank of America showed that a high 72 % of the adults of 50 and older intend to work after their retirement. Now, many people will ask the inevitable question about why do these seniors want to still work? Well the first obvious answer is closely related with the financial aspects. Many retirees feel that their pension savings will not provide them with the lifestyle that they were already having before the retirement. However, working in retirement isn’t just about the money. To be more specific, the most widespread motive for working in retirement is to stay mentally and physically active” for 62% of retirees and 51% of older adults cite it as one of the top reasons they are working in retirement according to the above-mentioned research.
Nevertheless, it is important to emphasize that there is an increased demand for retired senior workers on the labor market in North America. According to Statistics Canada, in 2015, one in five Canadians aged 65 and older, or nearly 1.1 million seniors, reported working during the year. This is by far the highest proportion recorded since the 1981 Census. Moreover, of all the seniors who worked in 2015, about 30.0% did so full year, full time, and the majority were men. On the other hand, employers tend to hire retired workers because of various reasons such as their expertise, experience and their success that they had throughout the years. Also employers see this veteran workers as a sources of valuable experience that can be passed to the other employees in their collective thus improving their productivity on the long term. Many companies also offer these older workers a opportunities for a full-time job as well.
However, it is important to underline that do retirees tend not to want to work full-time. Moreover they also want good pay that is in correlation with their expertise and experience combined with a high level of flexibility. On that note, it is also important to pinpoint that their wage expectations tend to be a bit higher due to the fact that they view themselves as finished products.
Also, many retired workers see the opportunity to work part-time as an opportunity to have activity in their lives and by being physically active they can reach the ultimate goal of staying healthy on the long term. Part time work can also help pay for their Medicare Supplement Plans 2018.