There are always people looking for work in America, and their numbers are just increasing. Some of the numbers can be attributed to the fact that there are still many workers who, at the age of 55 to 65, prefer to be employed. The numbers have increased due to many policy changes, and there already appears to be a disparity between the participation of the youth and the old.
Statistics show that more people of age are willing to work longer than their retiring age. This is a good indication that there are more people available to fill-up jobs in society. The increase in older workers can be attributed to various government public policies. The change in Social Security programs made it easier for older Americans to work without financial penalties.
The first policies drafted in 1983 gave older Americans an incentive to work until a later age, by increasing the payouts and lifting the retirement age limit. In the early 2000s, the Senior Citizens’ Freedom to Work act came into existence, which changed the Social Security earnings test. The overall effect of these changes leads to the reduced implicit tax on work for people between the ages of 60 to 69.
In addition to these changes, the nature of the work of many old Americans became less physically demanding. As a result, it allowed them to stay on the job longer than before.
Society, especially old Americans, witnessed a lot of vocal opposition and support of these public policies. But despite all these, there are some negative implications which can be summarized by everything that’s happening. For one, the increased willingness of these people to work despite their age could only mean they feel financially unstable. Their insecurity to secure a better financial standing may be a result of previous poor company payouts.
All these numbers beg the question, “Why are they still working?” Given their status in life, people already assume that they are in the retiring years. This could probably mean it’s because they don’t feel secure with what they have now. Despite working for many years back, they don’t think it’s enough to sustain the economic needs of people these days.
The changes in the policies don’t just affect the old, but as well as the young. It also begs the question of “What’s next for the future generation?” As the standard of living increases every year, financial security is becoming more a priority for everyone. The demanding needs of the workforce today is often no longer commensurate with what an employee receives. Thus, younger people in the workforce will be forced to stay at a workplace longer than they desire.
The elderly workforce in America lends itself to both comfortable office jobs, as well as filling in the minimum wage work gaps. As older people work into what should be there retirement, young people must examine their options for their own career and retirement futures.