After the attacks of September 11, 2001 more than 40 percent of the FBI agents around the world had five or less years of experience on the job. The agency was partially to blame because of its policy of mandatory retirement at age 57. This caused what was described as a "brain drain" because so many of the more experience analysts were gone. The solution was to hire back the retirees as consultants and classify them as temporary employees so as not to affect their pensions. The problem is not unique to the FBI and seems stem from society's obsession with youth.
The CVS pharmacy chain, on the other hand, was proactive in the matter of retaining older workers. In 1992 seven percent of their employees were over 55. A study of these older workers found that they were less likely to call in sick than the younger employees. They also held their own in terms of physical labor and demanding managerial positions (Mullich, 2003).
The American Association of Retired Persons (AARP) conducted a survey of 2001 persons between the ages of 50 and 70. When asked their opinions about retirement sixty-three percent said they planned to work at least part-time. Five percent said they had no plans to retire either because they liked to work or they needed the money.
The FBI could have turned to AARP's Staying Ahead of the Curve 2003: The AARP Working in Retirement Study to answer the question of how to retain or entice older employees to stay with the company.
According to the executive summary of the AARP study information for the survey was gathered nationwide by telephone. The respondents were between the ages of 50 and 70 and employed either full- or part-time. The purpose of the survey was three-fold:
It explored the respondents' vision of retirement.
It sought to shed light on the types of jobs that workers who plan to work in retirement imagine holding.
Types of jobs currently held by today's "working retirees" where working retirees are those who have reported retiring from one job and are now working part-time or full-time in another.
The telephone interviews were conducted by random digit dialing between April 9th and June 5th in 2003. A total of 2001 people were interviewed. The limitations of the research study are that there is no one definition of retirement that is applies to all workers.
The amount of people working into their retirement age is growing. The Bureau of Labor Statistics says that by 2014, 41 percent of adults aged 55 and older will still be in the work-place. The Metlife foundation and Civic Ventures found that 66 percent of adults age 50 to 59 plan to keep working during their retirement years and 15 percent of those say they will never retire (Sander 643).
1. This is understandable because most of us probably think that retirement is something that is eons away.
boomers take their knowledge and skills with them as they face retirement. As of now
The push for Congress to pass legislation protecting the rights of employees and their retirement was inevitable. Retirement plans are extremely important for all working individuals. Having funds to keep or exceed ones current standard of living and to enjoy one’s life beyond expectations after retire...
Lemon, B. W., Bengtson, V. L., & Peterson, J. A. (1972). An exploration of the activity theory of aging: Activity types and life satisfaction among in-movers to a retirement community. Journal of gerontology, 27(4), 511-523.
In 1958, Dr. Ethel Percy Andrus, a retired educator, founded an organization dedicated to helping all persons over the age of 50.2 The organization, called the American Association for Retired Persons, or AARP, has grown over the years and reports to have 30 million and four thousand chapters nationwide.2 The AARP is unlike any other interest groups because it is a non-profit organization. Similarly to other interest groups, the AARP is a policy specialist that has a narrow view. Their three main policy goals are economic security for the elderly, affordable comprehensive health care for all, and improvements in the attitudes about the elderly in the workplace.4 Research on elderly needs and the economy, as well as a large volunteer network help the AARP influence thousands of potential members every year.5 The AARP is the oldest and largest interest group focused completely on senior citizens, using its numbers and resources to persuade policy makers for the benefit of the members of the organization.
The Australian government will increase the age pension from 65 to 70 by 2035(Australian Department of Human services [AU]). This announcement has lots of challenges for Australian people who are under 50; some people support the rise and find it beneficial for the future economical life. However, others are against the announcement as it has lots of concerns for their future plan, as they have to work longer to save more for their retirement. The current population ageing put pressure on the young workers who support retirees and their families, at the same time it affect the economic development. So the rise of pension has advantages and disadvantages on the future life standard of most Australians. It is beneficial decision from the government to provide a productive and qualified future life.
Diversity can be differences in age, gender, ethnicity, and religion. Having such a diverse workforce can be very challenging. (1) Today’s workforce is very diverse in respect to age. Before, corporate America consisted of workers ranging from twenty one up to late thirties to early forties. Now, we see people in their mid to late fifties going back to work. This trend has both advantages and disadvantages. One advantage of an older employee over a younger employee is his ability to use his years of experience in situations where a younger employee lacks experience. Another advantage for an older employee is his built relationship with existing customers. The disadvantage of an older employee over a younger employee is his inability to quickly adapt to his changing environment. Younger employees are more “hungry” compared to their older counter parts. Their hunger is fired by their goal to quickly move up the corporate ladder.
The focus of this paper is to elaborate on the changing landscape of work in America during the twenty-first century. According to the researchers, as the economy continues to slowly recover from the recession and economic crisis, more of our baby boomers are reentering the workforce. In addition to the introduction of automation and computer technologies into the workplace, this has dramatically changed the nature of jobs for the older workers (Czaja and Sharit 2009). As stated in the Government Accountability Office in 2006, the number of workers over age 55 is projected to increase significantly over the next 20 years. Evidence shows that ageism, stereotypes, and misinformation about our older population continue to be major issues across
The issue at hand constitutes that companies are not willing to look beyond their aging workforce, choosing instead to push them out of the technological loop rather than attempting to incorporate them as valuable assets. "There is enough research that says older workers are dependable, they can change, they can learn. What we haven' t come to grips with is that research and management practice are not always related" (Capowski, 1994, p. 10).
Many OFW’s after working many years abroad was not prepared for their retirement. Many OFWs leave the comfort of staying in the Philippines and their loved ones behind in search for greener pasture. However, not all Filipinos who go abroad have a clear set plan for their retirement. According to Marquez, (2015) Life as an OFW is not forever. Soon enough, you will lose your strength, perfect vision and hearing. A retirement plan gives you more sense of security knowing that you’ll be okay financially if this time comes. According to Barrios, (2015) Retirement Fund is “real savings” which is meant for long term investment
McShulskis, E. "Retirees Returning to Work Threaten Some Full-Time Workers." HRMagazine 42, no. 3 (March 1997):26-28.
America is a country where everyone is free to live however they like, but it is possible for some people to live a happy life, if no one is around to take care of them. Nearly three hundred million people reside in the America, and out of those three hundred million populations, senior citizens make a 12 percent of the entire population. A senior citizen is commonly known as a person who is over the age of 65 and living on retirement, or known as social security benefits (Census Bureau). Ever since Franklin D. Roosevelt implied the act of Social Security in 1935, seniors are regularly provided a financial help, but seniors, along with financial help, seeks also accompany of someone who can look after them. Because of constantly growing needs of senior citizens, government as well as many non-profit organizations is working on helping seniors. Therefore I decided to research on this particular issue in my community, and I found that 64.5% of seniors are living alone in metropolitan area of Atlanta.
Lots of working people are scared when comes planning for their retirement day, as well as there are some of them are confident to face theirs restful years. This people who fear with their retired age are the person whose are lack of knowledge about financial matters so they will ignore their planning for retirement as long as they can. The effect is, they will try to continue to work as long as they can work. Recently, the Ministry of Human Resource’s Malaysia, increase the retirement age to 60 years old for government sectors. As Hunt (2009) state that Malaysian confident for their retirement have decrease rapidly in some way. According to Lai Cheng Tung & Jean Dennis Comeau (2012) the people who agree with the new retirement age as they claim that they required more retirement savings, increasing retirement age will increase the life expectancy, and this provide retention of talent or improving skill proficiency especially in expert job that need longer years of experience to master it. To support more agreeableness in increasing retirement age, based from Life Insurance Association of Malaysia (LIAM), 5% and less than that percent are prepared completely for their retirement (Habib, 2007). All of the statement showed that Malaysian are still good enough to continue working even most of them are lately around 60’s as a period for preparing themselves before retired.
Retirement planning is a way to insure that you will have enough income to live comfortably when you retire. Most people will be retired 25 years or more, and careful planning is the key to successful retirement. Why would you want to have bill pressures and mortgages when all you really want to do is relax, or follow that dream of traveling the country in an RV?