One more thing to add to the list of things to blame on the economy…
Six-in-ten workers (60 percent) over the age of 60 say they are putting off their retirement due to the impact of the U.S. financial crisis on their long-term savings, according to a survey released earlier this week by CareerBuilder. According to the press release:
One in ten workers (11 percent) over the age of 60 who are putting off retirement say that the decrease to their savings may now cause them to never retire, while 73 percent think it will take them up to 6 years of extra work to recoup their lost savings. Nearly a quarter (24 percent) feels they can make their money back by working an additional year or two.
While it’s unfortunate to hear of workers having to postpone their retirement, this movement toward staying in the workforce longer seems like it could be a boon for companies worried about the cost of losing some their most experienced and loyal workers during this challenging time.
And according to a recent study by Sirota Survey Intelligence, workers aged 63 and older show the highest level of job satisfaction among any other age group – as well as more willingness to “go the extra mile” for their companies. That doesn’t suck, right?
Among the cost-saving benefits (via Associated Content) to retaining – and hiring – older workers:
- Their many years of experience and accumulated knowledge help them catch mistakes often overlooked by less experienced workers.
- Thanks to their many “years in the trenches,” older employees often know the shortcuts to use to save time.
- Their vast experience gives them the know how to overcome frustrations in the course of everyday work and find workable solutions without “losing it.”
- Thanks to their years of experience and hands-on knowledge, they make excellent mentors and trainers.
What about you? Are older workers at your company postponing retirement? Or have you recently hired any (former) retirees? What have you found the greatest benefit? The biggest challenge?