More workers 75 and older will be part of the labor force of the future, according to Bureau of Labor Statistics projections.
The BLS forecasts a labor force that will increase by 8.9 million — 5.5% — between 2020 and 2030. Within those numbers, the labor force made up of those 16-24 is forecast to shrink by 7.5%, hold steady among ages 25-54 and slightly decrease for those 55-74.
But the BLS anticipates the oldest bracket of the labor force to increase dramatically.
“Among people age 75 years and older, the labor force is expected to grow by 96.5 percent over the next decade,” it said.
And not only will there be more potential workers in the 75-plus age bracket, but the BLS predicts their labor participation rates will also increase substantially in the next 10 years,
“The only age group whose labor force participation rate is projected to rise are people age 75 and older, from 8.9 percent in 2020 to 11.7 percent by 2030,” it said.
Along with a larger labor force, total employment is “projected to grow from 153.5 million to 165.4 million over the 2020–30 decade, an increase of 11.9 million jobs,” according to the BLS.
Part of the huge upswing in predicted total employment from 2020 to 2030 hinges on the base year used for the forecast: 2020.
“This increase reflects an annual growth rate of 0.7 percent, which is higher than recent projections cycles and accounts for recovery from low base-year employment for 2020 due to the COVID-19 pandemic and its associated recession,” BLS said.
According to U.S. News and World Report, retirees may return to the workforce when they find they can’t live off of their fixed income. Others want to explore new career paths, or need relief from inactivity, Jeff Kronenberg, founder and president of Connecticut-based Imagine Wealth Group, told the website.
“Many people get antsy and want something to do,” he said
Whether you’re planning to keep working or return to work into your golden years, these tips can help you maximize your success in the labor force.
Watch out for higher Medicare premiums
Working later in life may impact your Medicare premiums, according to Emily Brandon, author of “Pensionless: The 10-Step Solution for a Stress-Free Retirement.”
“If your modified adjusted gross income is greater than $91,000 as an individual and $182,000 as a married couple, you will be charged higher premiums for Medicare Part B and Medicare prescription drug coverage,” she wrote in U.S. News.
“Retirees just above the income cutoffs will have $68 added to their monthly Medicare Part B premiums and $12.40 added to the cost of a Medicare Part D prescription drug plan. High-earning retirees could see their premiums increase by as much as $408.20 for Medicare Part B and $77.90 for Medicare Part D.”
Focus on your work-life balance
“Few retirees want to keep working full time,” Brandon said. “You might be able to gradually reduce your hours at your current job and phase into retirement. Sometimes retirees take a career break to relax before beginning a new venture … You might be able to find a temporary or seasonal job that allows you to earn an income while also giving you increased time for hobbies and personal interests.”
Get your foot in the door first
Workers who involuntarily lost their jobs at the height of the pandemic may not be able to pick up new positions with similar responsibilities or levels of pay, according to Kerry Hannon, author of “Great Pajama Jobs: Your Complete Guide to Working From Home.”
As part of a Forbes roundtable, she advised older workers to be willing to work for less pay in order to get hired. “That’s how you’re going to learn new skills,” she said. “If you just wait for that perfect job to land in your lap, it’s not going to happen.”
Consider your health
“If it is a physical job, can your body still keep up?” asked Jim Eutsler, a wealth advisor and partner at HCM Wealth Advisors in Cincinnati. “Are you willing to learn new technology that may have been implemented since you left?”
Look for inspiring work
Hannon said older workers should identify hiring companies with a mission they’re excited about.
“Because when you wear that passion on your sleeve, you can get into a company. They love that. It shows through.”
Stay positive
Above all, Hannon recommended keeping a positive attitude as the key to success as an older worker in the future labor force.
“There’s enough doom and gloom out there,” she said. “You need to approach life with ‘Yes, there are challenges.’ But have some moxie; believe in yourself.”
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