Could the Golden Years be turning into the Green Years? As nearly 78 million baby boomers are approaching retirement age, having such an outlook on retirement is becoming less rare as people are living longer, healthier lives.
Seniors are beginning to retire from retirement, as many find just “staying home” too dull, or believe the benefits of continuing to earn money outweigh the benefits of retirement. Seventeen percent of baby boomers now actually predict that they will work indefinitely. Twenty or thirty years ago that may not have even been a viable choice for many seniors, but now with healthier seniors, and less physically demanding jobs, this could be an option for a lot of people.
Not only would working longer help seniors, it would help the economy and the social security deficit many of our kids may face. If most workers held off on retirement for just five years, analysts say that doing so would “boost [that] worker’s annual retirement income by 56 percent and add $1 trillion a year to tax coffers by 2045,” which would be “enough to erase Social Security’s deficit.”
About 42 percent of workers over 70 are actually in private business. So, where while some seniors may feel they have to prove their continued usage to employers, nearly half do not.
Granted, some results of working longer or retiring from retirement are negative, such as illegal agediscrimination, but for the most part, they are not. If you’re a worker in your 70s, Medicare will not drop you if you go back to work, and “once you’re past you full retirement age,” you’ll still receive your social security benefits while you are working, as well. However, that being said, what can happen to your social security, is that it may become taxable. If you are on Social Security and working, too, you should speak with your tax advisor.
So, if you’re thinking about changing your Golden Years into Green Years, and you’re not presently in a job, it may be time to start thinking about what you have to offer the job community. No matter your age, remember you still have the ability to learn, and seniors often make great role-models for younger employees due to their outstanding work ethic and loyalty, as well as sound judgment and even temperament–all qualities that can benefit any business atmosphere.