Today’s seniors are working at the highest rates in 55 years according to a recent U.S. jobs report. And it’s only expected to increase: The over-65 set is expected to be the fastest-growing demographic in the workplace by 2024, according to the U.S. Bureau of Labor Statistics.
And according to a recent Washington Post article, companies are trying to respond in a few ways, including:
- Providing higher 401(k) matches to help seniors save more
- Launching financial wellness programs
- Offering near-retirees a broader array of flexible work arrangements
“If there’s anything employers want, it’s a committed employee,” said Jacquelyn James, co-director of the Center on Aging & Work at Boston College. “They don’t want a sign they’re one foot in and one out the door.”
As a business owner or financial advisor for top business owners, you may find yourself dealing with this situation as the traditional rules for retirement change before our eyes. And it can impact your retirement plan. Don’t guess about it and don’t worry, because the experts at Benefit Equity are here to help answer your questions and retire your worries about your specific plan design and administration.