Older workers have a real advantage in the job market due to the Great Resignation of 2021, which has left many companies in need of generational expertise, and there are three options for older candidates to start a strong second chapter in their careers: full-time employment, gig work, or becoming an entrepreneur.
Summary: It is important for young adults to start saving for retirement in their 20s due to factors such as the potential impact on their take-home pay, the power of compounding, the need to develop the habit of saving, the risk of inflation, and potential changes to Social Security.
Nearly half of current retirees in the US are considering reentering the workforce due to financial reasons, impact of inflation on savings, and a desire for social connections and a sense of purpose, according to a study. This trend, known as "unretirement," has been driven by a booming labor market and rising inflation, and is likely to continue as more offices reopen. However, older workers often face ageism and judgment from coworkers and hiring managers. Despite these challenges, many retirees feel happy, energized, and excited about returning to work.
Forbes has released its list of the top 25 best places to enjoy retirement in 2023, with Traverse City, Michigan, Bend, Oregon, and Charleston, South Carolina, among the top picks for leisure pursuits such as outdoor activities, arts and culture, and fine dining.
As the average population ages, a majority of older Americans are reaching retirement with limited options for affordable long-term care, as costs continue to rise and long-term care insurance remains uncommon.
The transition to retirement is often more challenging than expected, with retirees experiencing difficulties in adjusting to the lack of daily routine and structure, while preretirees underestimate these challenges and expect their social connections to increase in retirement.
Almost half of U.S. households headed by someone 55 or older have no retirement savings, but there are three key steps individuals can take to catch up, including cutting expenses, maximizing contributions to retirement accounts, and considering alternative sources of retirement income such as home equity or insurance policies.
Delaying retirement until age 70 has the biggest impact on the ability to sustain a preretirement standard of living, according to new research from Vanguard.
