BEING LONG IN THE TOOTH CAN BITE HARD AT WORK

#ageism #OlderWorkers #AgeDiscrimination
“He’s too old to cut the mustard anymore.”
That’s a lyric from a 1950s-era country song about a man who used to jump picket fences, but now is lucky if he can jump an inch, to paraphrase another lyric from the song.
It brings to mind a problem – or, rather, a situation – in today’s work force.
People are living longer, and some are choosing to work longer. Trouble is, their employers don’t want to keep them past a certain age.
Swapna Venugopal Ramaswamy tackled this issue in an article for the Rockland/Weschester (N.Y.) Journal. It was also published Sept. 2, 2018, in The Atlanta Journal-Constitution.
“With 10,000 baby boomers reaching 65 every day – a trend that began in 2011 and is set to continue until 2029 – it is past the time to have a conversation about attitudes toward retirement. After all, since the time Social Security set the retirement eligibility at 65 in 1936, life expectancy at birth has gone up by 20 years,” the reporter writes.
The article points out an organization called Respectful Exits, which aims to mobilize the voices and talents of aging workers.
“Age discrimination occurs when an employer treats an applicant or employee less favorably because of his or her age, “ the article quotes the U.S. Equal Opportunity Commission.
The reporter quotes Facebook CEO Mark Zuckerberg as saying that “young people are just smarter.”
Admittedly, in some lines of work, age matters. A construction laborer probably will be more productive in his 20s than in his 60s.
Athletes can be at the top of their games for a decade or two, but likely not more than that.
But in most white-collar situations, the older worker is probably no worse – in some cases, better – than his or her younger colleagues.
But, here’s the rub. Workers with more experience tend to cost employers more. They, in many cases, get more vacation time. If they are lucky enough to have them, they may tend to use the health insurance benefits more. The health insurer may raise the company’s premium because they are employing older workers.
From the worker’s viewpoint, they may not have enough money saved, or may not be able to afford to retire on Social Security and whatever pension they may have.
Some may enjoy their jobs so much they don’t want to leave.
So what’s a worker to do when, deservedly or not, they are let go? What do they do when their once-glowing performance evaluations suddenly tank? What if they keep getting messages, subliminal or otherwise, that they need to go?
First, workers, no matter what age, need to be prepared for when that happens. They need to look at other ways to make money so that they can survive, even thrive, after their job disappears.
There are many ways out there to make a potentially substantial amount of money with a few part-time hours a week. To check out one of the best, message me.
The lesson here is that the day will come in nearly everyone’s career that a tough decision will be made. Workers need to start preparing from the youngest age possible for that day, for they know not when it will come.
It may require some outside-comfort-zone thinking, but it would be wise for everyone to do it.
Peter

WORKING LONGER WILL MAKE YOU SICKER

#RaisingTheRetirementAge #retirement #WorkingLonger #disabilities
The government continues to raise the retirement age.
People are working longer.
Yet, their health continues to decline.
Ben Steverman discussed this in an article for Bloomberg News. It was also published Oct. 24, 2017, in The Atlanta Journal-Constitution.
“The age-adjusted mortality rate in the U.S. rose 1.2 percent from 2014 to 2015, according to the Society of Actuaries,” the article reads. “That’s the first year-over-year increase since 2005, and only the second rise greater than 1 percent since 1980,” the article says.
So, Americans are retiring later, dying sooner and are sicker, the article says.
Almost one in three Americans age 65 to 69 is still working, along with almost one in five in their early 70s, the article says.
Americans in their late 50s have more serious health problems than people of those same ages 10 to 15 years ago, according to the article. To boot, cognitive skills have declined. Those with a retirement age of 66, 11 percent already have had some kind of dementia between ages 58 and 60, the article quotes a study by University of Michigan economists HwaJung Choi and Robert Schoeni.
Experts say obesity, high rates of suicide, drug overdoses and alcohol abuse have been cited as causes, the article says.
The higher death rates are good news for pension plans, the article points out.
“Americans may have already seen most of the benefits from previous positive developments that cut the death rate, such as a decline in smoking and medical advances like statins that fight cardiovascular disease,” the article reads.
So are you among the group that feels worse than you think you should for your age? Has the economic downturn of 2008 got you working at a job you hate, when it’s high time for you to retire?
Perhaps a solution to the latter problem may relieve the difficulties of the former. There are many ways to make money beyond a traditional W-2 job – especially one that you hate, or that is making you sick. To check out one of the best such vehicles, message me.
And though pension plans may like this news – the Society of Actuaries calculates a typical pension plan’s obligations could fall by 0.7 to 1 percent , the article says – not everyone is fortunate enough to have a pension.
That puts the onus on every worker to make sure their retirement is not only survivable, but potentially prosperous.
This may entail some thought outside the proverbial box, especially if your employer is not providing you a pension.
If you’re young, start saving your money sooner. Cut out that extra coffee-shop visit or extra meal out, and put that money toward your retirement.
If you are older, not only must you think about how long you WANT to work, but also how long you will BE ABLE to work. It may not be an illness that gets you. You may be one bad manager or one reorganization away from a dead career.
You may not be able to solve health problems, but money problems can be conquered. You just have to have the best life you can, and try to live as long as possible.
Peter