Hope Murray retired in 2013 after a 50-year career that ranged from game show producer to Hollywood party planner to casino executive. She settled into a life of leisure in San Diego, but increasing expenses led her to take a job giving out samples at Costco at the age of 80. Many Americans over 75 are working longer due to financial constraints, with the workforce expected to double over the next decade. Factors such as longer life expectancy, changes in work nature, and the availability of remote work contribute to this trend.
Retirement plans have shifted away from pensions to 401(k) plans, leaving many retirees without enough savings to stop working. Social Security payments, which provide about 90% of income for over a quarter of older adults, may face depletion by the mid-2030s. As a result, many older workers are facing challenges finding suitable work, with some experiencing age discrimination in the hiring process. Despite legal protections against age discrimination, many older workers struggle to prove they were not hired because of their age.
Heidi Brockway, a 66-year-old retired teacher, found it difficult to secure a job after realizing her pension was not sufficient. After moving to Florida and months of searching, she took a job as an aide at a preschool. Older workers like Brockway often face low-paying jobs without benefits, even in a tight job market. Bob Vaughn, a 64-year-old IT consultant who was laid off, faced similar challenges in finding employment, with age discrimination potentially playing a role in his job search difficulties.
As workplaces adapt to the growing number of older workers, there is a need for investment in worker health, wellness, and retraining to support older employees. The changing landscape of work, including hybrid models, will play a crucial role in helping older workers transition into retirement. Despite challenges, workers like Diane Reiter, who is 72 and seeking work, find fulfillment in new hobbies and family support systems. As older Americans continue to face financial insecurity in retirement, there is a growing need for systemic changes to support their employment and financial well-being.
