Older workers choosing to stay on the job longer

By Kathy Carlson
The Tennessean

People are living longer, healthier lives, and a bear market has shrunk many retirement nest eggs.

Consequently, more older Americans are choosing to remain in or return to the workplace after the traditional retirement age of 65. Statistics from the AARP, an advocacy group for people older than 50, show the numbers creeping up every year since 1985.

Some have been downsized out of jobs they loved. Some retire and then change their minds. Most are baby boomers, members of that generation of 76 million men and women born between 1946 and 1964, now edging into retirement.

"I think we're seeing a different definition of what retirement is, especially among the boomer group," said Deborah Russell, manager of economic security and work at AARP.

Retirement is now seen as part of an employment cycle, rather than as the end of employment, she said. Some retirees decide to work part time; others choose volunteer work. A 1998 AARP survey indicated that 80 percent of boomers said they expected to work after retirement. "They're not just going out on the golf course," she said.

Despite 5.7 percent unemployment nationally, the long-term outlook for older workers is promising, analysts say. There are fewer younger workers to replace retiring baby boomers. Workplace consultants are predicting shortages in the millions of workers by 2015.

Karen Saul, president of the HR Group, a Brentwood, Tenn., human resources consulting firm, has seen research indicating that greater opportunity is closer at hand.

By 2008, she said, there will be a shortage of workers for 10 million jobs across all categories in the United States. By 2005, two years from now, two workers will be leaving the workplace for every one entering.

"The bottom line is there certainly is opportunity for every senior citizen who wants to stay active and in the marketplace," Saul said.

Russell sees opportunity for service workers: teachers, nurses, home healthcare workers, physicians' assistants, customer-service representatives, and retail and hospitality-industry workers, for example. Depending on the industry, there probably will be fewer openings for higher-level managers, she said.

Older workers' strong suits often combine the intangibles — a strong work ethic, dependability and good judgment — with strong skills.