If you’re wondering why all those hammocks in the backyards of your retired neighbors seem empty, we’ve solved the mystery. A recent Bloomberg article, “I’ll Never Retire“, examines the trend toward people working past the traditional retirement age of 65—or at least what we’ve traditionally considered the average retirement age. The percentage of Americans 65 and older who are still in the workforce is at an all-time high. In this post, Steve King, a partner at Emergent Research and a regular contributor to SmallBusiness.com, explores the coming of age of this long-predicted trend, something we call the “Empty Hammock Syndrome.”
The shift toward older Americans staying in the workforce is not new. As is clear from the chart below, it started in the mid-1990s. The reasons for people working longer are also not new and are fairly straightforward. About half of workers, according to Bloomberg, mention a financial need to work or a need for employment benefits. Approximately one-third said the primary reason was their enjoyment of work or the desire to stay engaged.
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Older workers are, of course, more likely than younger people to be independent workers (self-employed, contractors, etc.). So this is one of the key trends that is helping drive the growth of the independent workforce.
Because of this, Emergent Research has long covered this trend and has even gone as far to say, “We were getting tired of it several years ago.” But with the oldest Boomers reaching 70 this year, we will no doubt be hearing even more about hammocks going unused.
Also on SmallBusiness.com | Working Past Traditional Retirement Age Brings Decisions, Opportunities
Also on SmallBusiness.com | Entrepreneurs Who Made Starting Businesses Their Retirement ‘Hobby’
Photo: Thinkstock
Graphic: SmallBusiness.com
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