While the recession has supposedly been over for quite some time, many people are still feeling its effects. And it is quite possible that Baby Boomers are having the hardest time bouncing back.
A recent U.S. News & World Report article examines “The Recession’s Impact on Baby Boomer Retirement.” Here are some of the key take-away points from the article:
- Although the recession affected all age groups, Baby Boomers may not have enough time to rebuild their retirement savings, forcing many to put off retirement or live on a lower retirement income than they expected.
- On the other side of the coin, some were forced into early retirementbecause they were unable to find new employment after losing jobs during the recession.
- This has caused household income for those ages 55-64 to fall by 6 percent.
As a result, employers need to be ready for older workers who are either remaining in the workforce longer than expected or who are returning to the workforce on a part-time basis to supplement a less than sufficient retirement income. A recent Staffing Industry Analysts article listed policy issues that employers will have to reexamine in light of this trend. At the top of the list? Offering “more flexible work patterns,” including telecommuting, consulting, and reduced hours.
This all plays into the Retiree Re-Staffing trend we have been reporting on for the past couple of years. By bringing older workers in a on part-time, consulting or contract basis, employers can gain or retain these workers’ knowledge, while the workers can supplement their income and remain active on a more flexible basis so they can enjoy other activities and time with family.
