Survey: Many Choosing Part-Time Work in Post Retirement Years
Published in Woonsocket Call on September 13, 2015
In 2010, when Michael Cassidy retired as Pawtucket’s Director of Planning & Redevelopment after working for the municipality for 40 years he had no intentions of easing himself into full-time employment. While he was retiring to “retirement” he had every intention to remain active for the rest of his life.
Cassidy instinctively knew that retirees, who stay active by playing sports, traveling or even volunteering, always seemed to live longer. His father was a good example of this belief, living to the ripe old age of 92. Before the nagenarian died he had worked part-time as realtor, also playing in an Golden Oldies softball league and umpiring three times a week.
Part-Time Job Gives Many Bennies
With Cassidy planning to retire at age 62 from the City of Pawtucket, he went to see Paw Sox President, Mike Tamburro asking him, “Do you have a job for an old retired guy.” Ultimately, he took the position as usher at the Pawtucket-based McCoy Stadium. He says, “The job keeps me on my feet four to five hours.” Each game he puts around 15,000 steps on his pedometer. But the job also allows him to interact with old friends and even gives him an opportunity to make new ones, too. .
There are additional benefits of having a part-time job, besides just getting physical active and having an opportunity to mingle with people, says Cassidy. He now has more time to spend with his six grandchildren, travel with Jane-Ellen, his wife of 45 years, and to just putter around his home. Now he even serves as Chair of the Blackstone Valley National Heritage Corridor Organization, he says.
Like Cassidy, according to a new AARP released last Tuesday, older Americans are not choosing to retire, many are now seeking part-time jobs in their post retirement years, not full-time ones.
Work the New Retirement Activity
According to the findings in the 26 page AARP report, “AARP Post Retirement Career Study,” work seems to be the “new retirement activity.” While many Americans state that they plan to retire between ages 65 and 70 (45%), the data indicates that the typical retirement may have changed. Thirty seven percent say they plan to work for pay in post retirement. Of these respondents, 73 percent desire a part-time job and almost half are looking to work in a new field (44%). Twenty three percent will stay in the same field, and 33% are undecided.
The researchers say that connecting with co-workers, interesting and challenging work, and the desire for a work-life balance are all stated as top reasons why work is enjoyable. Some are seeking to pursue their dream job or dream field in this next stage of life. Sports, hospitality, and education fields are frequently cited. Most are hoping that their new dream jobs will be part-time, flexible with work from home options, and allow time for travel and fun.
The findings also indicate the importance of job training for those who plan to work during their retirement years. Among those who plan to enter a new field, training is seen as even more crucial to succeeding on the job (46% vs. 36% among those staying in the same field).
Meanwhile, when asked about what they enjoyed most about their current career, most mentioned income, benefits, and the schedule/work-life balance.
According to the AARP survey, regardless of the field, respondents are hoping to work part-time (73%), with over half expecting to work for someone else (57%) vs. being a contractor (21%) or starting their own business (19%).
Personal contacts and job listings are the primary avenues respondents say they use to find post-retirement work (49% and 43%, respectively). Professional networking is also a popular way people plan to find work, note the researchers.
When questioned about their dream job, many respondents talk about a profession, for others it may be a particular type of working lifestyle. Jobs in the sports, creative, hospitality and education fields are mentioned frequently by the respondents while those looking for lifestyle benefits seek flexibility, lucrative, opportunities to travel, and employment with a charitable aspect to it.
.AARP’s efforts to look into how people spend time in their retirement years is the first survey of this kind and there are no comparative stats from previous years, says Kim Adler, AARP’s Work and Jobs Lead.
The findings suggest that there are major implications for employers, adds Adler. “Americans are living longer, healthier lives and we will see a continuation of the long term trend of working into retirement years. Nearly 19 percent of 65 and older workers are in the workplace and the percentages – as well as the actual numbers – are likely to continue to rise. This will give employers the opportunity to hire and retain experienced workers who look forward to the opportunities and challenges in the workplace,” she says.
According to Adler, “there are shortages of skilled workers in certain industries and many employers report difficulty filling jobs. For these jobs – and all others – employers and employees benefit from an intergenerational workforce that encourages mentoring and knowledge sharing.”
Great Wealth of Experience
“The survey gives us a better picture of what retirement looks like today and, likely, well into the future,” said AARP Rhode Island State Director Kathleen Connell. “But it also is a conversation starter about the value of older workers. Older Rhode Island workers represent a great wealth of experience and accomplishment at every level of the workforce.
“Employers should embrace the willingness of people to work part-time after 65 or 70 as a “golden’ opportunity, if you will. And this is especially true of startups, where wisdom is a critical success factor. Growing the Rhode Island economy might depend on synergies of young innovators guided by experienced leaders and managers.
Adds Charlie Fogarty, Director of the Rhode Island Division of Elderly Affairs, “Many older adults look at retirement as a transition period, and not a defined point in time in their lives.” He notes, “This population has a wealth of experience and knowledge that can be shared while working part-time, making for a more productive and richer work experience for all employees.”
“Our new research shows a fluid workplace, with many experienced workers looking for flexible part-time work in interesting and challenging positions to continue their careers,” said Kim Adler, AARP’s Work and Jobs lead. “The new website [AARP.org/Work] will help experienced workers control their careers and stay connected, competitive and current in the workplace,” Adler added.
This AARP survey, overseen by Gretchen Anderson, AARP Research, was fielded online from July 27 to August 3, 2015 and conducted among adults age 50-64 who are currently employed full time. A total of number of 4,975 surveys were completed. The final data has been weighted to U.S. Census for analysis.