Why Older People Are Struggling Financially And What They Can Do About It

Consumer Tech Why Older People Are Struggling Financially And What They Can Do About It Quora Contributor Opinions expressed by Forbes Contributors are their own. Following New! Follow this author to stay notified about their latest stories. Got it! Sep 28, 2022, 11:00am EDT | New! Click on the conversation bubble to join the conversation Got it! Share to Facebook Share to Twitter Share to Linkedin Pension calculation concept, old hands counting finances on a home calculator , getty Why do most people become poor after the age of 70? originally appeared on Quora : the place to gain and share knowledge, empowering people to learn from others and better understand the world.

Answer by Lawrence Kosick, President and Co-Founder at GetSetUp, on Quora : Economic insecurity affects more than 15 million older adults in the US. More and more older adults are working much longer than they ever expected to make ends meet. In fact, the number of workers over 75 years old is expected to increase by 96.

5 percent over the next ten years. Elderly people are economically insecure because of many factors including: Their Social Security checks aren’t enough to live on. Half of older adults in the country depend on Social Security as their primary income, but the buying power of those funds has decreased by 30% over the past 20 years.

They don’t have much money saved up for retirement or they live longer and outlast their savings. Among households headed by people 55 and older, 29% don’t have a pension or retirement savings. They’re spending more of what they have on health care, which is taking a bigger share of their income than it did in previous decades.

This means to make ends meet, many older adults will have to work beyond retirement age and need to know they can find jobs. It is crucial for these workers to reskill or upskill in order to stay competitive in the workforce and have a successful encore career. But, the news isn’t all bad because there are more options than ever for people who need or want to stay in the workforce longer.

MORE FOR YOU Google Issues Warning For 2 Billion Chrome Users Forget The MacBook Pro, Apple Has Bigger Plans Google Discounts Pixel 6, Nest & Pixel Buds In Limited-Time Sale Event Top 5 trends for older adults in the workplace According to workplace futurist Kerry Hannon , the landscape has changed for older adults when it comes to working. She sees five trends in this space: 1. Remote work is the new normal which is a good option for people with health and mobility issues because they don’t have to worry about a commute or poor office place ergonomics.

2. Contract work is on the rise and can be mutually beneficial for the employee and employer. Employers don’t have to pay benefits and employees have more flexibility.

3. Entrepreneurship is increasingly popular. Older adults are following their passions and creating their own businesses to be their own bosses.

The GetSetUp Startup Accelerator program recently awarded $2,500 each to five participants to help them grow their small businesses. 4. Lifelong learning is crucial.

Technology has advanced rapidly in the past few decades, and training older workers on platforms like Google and Zoom could mean the difference between poverty and a comfortable lifestyle. Many senior centers and continuing education programs offer job training. There are also opportunities for virtual learning on platforms like GetSetUp that offer peer-to-peer instruction on work foundation skills .

5. Career transition is here to stay. While changing careers used to be rare, now older workers can pursue encore careers that allow them to explore a passion or something they’ve always wanted to learn more about but never had the opportunity before.

There are many older adults who are facing economic insecurity and need to find ways to continue working. While this may look negative there are many advantages for health and wellness in addition to financial gains for older workers. Plus employers who are willing to break down age stigmatisms offer training, and embrace intergenerational teams that have a poll of talented workers to choose from! This question originally appeared on Quora – the place to gain and share knowledge, empowering people to learn from others and better understand the world.

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