Many give retirement a try, only to find they’re bored, restless, and worried about their retirement nest egg not being enough. Which is why many go back to work. Either starting up their own business or seeking out positions they thought about when they were younger, but never had the chance.
The extra income is welcome, but the real appeal lies in the work itself. Since there is no longer the stress of having a career position, older retirees choose jobs close to home doing things they love – like working with volunteers, with children, in education, for their city, and the list goes on.
According to AARP, it’s the hottest demographic in the labor market: men and women working not only past traditional retirement age but into their 70s, 80s and sometimes beyond. Over the coming decade, they'll be the fastest-growing segment of the workforce, according to the Bureau of Labor Statistics. Among 65- to 74-year-olds, labor force participation is predicted to hit 32 percent by 2022, up from 20 percent in 2002. At age 75 and up, the rate will jump from 5 percent in 2002 to 11 percent in 2022. Meanwhile, participation rates among younger age groups will be flat or will even fall.
Among all the changes coming to Medicare Supplement plans and Medicare Part D, Medicare costs will also be changing in 2020. In 2020, the Medicare Part A premium will be $458, however, many people qualify for premium-free Medicare Part A. The Medicare Part B premium will increase to $144.60, and the Part B deductible will rise to $198 in 2020.
Why are Changes Coming to Medicare in 2020?
“As we enter this election year, we're likely to hear many candidates pontificate that the aging of the population is an economic drain on the federal budget and the nation — citing costs of programs like Medicare and Social Security, which, of course, older Americans have supported with tax dollars for many years, “ says Jo Ann Jenkins, CEO of AARP. “But this narrative ignores the enormous positive impact that people 50 and older have on the economy and on the social ties that bind us together.
“As the number of people over 50 grows, that age cohort is transforming markets and sparking new ideas, products and services across our economy. And as people extend their work lives, they are fueling economic growth past the traditional retirement age. They earn wages, spend more money, generate tax revenue, give back to social causes and create demand for products and services that stimulates job growth.”
According to a recent AARP article by, Kenneth Terrell, Americans over 50 create jobs, provide caregiving and build opportunities for all.
Americans age 50 and up contribute so much to the U.S. economy that they would constitute the world’s third-largest economy if they were counted as their own country.
Don’t put unnecessary burdens on your family; plan now for the events you can’t predict! Properly drafted advance health care directives are especially crucial. In a medical emergency, the choices that must be made can be overwhelming. Don’t leave your loved ones left to struggle with indecision as to your wishes if they are absorbed in the emotional impact of an accident or illness.
Seniors have unique legal needs that are best served by an attorney with extensive knowledge and experience in the field of elder law. Elder law encompasses a range of issues of importance to seniors, including estate planning, Medicaid planning, guardianship, and estate administration and litigation.
If you or someone you know, wants to be involved in serving their community, helping the elderly is a great place to start. Whether you just want to help others or you need to find a community service project for a church group or school project, there are plenty of opportunities to help end senior isolation, hunger, or depression by providing services such as grocery delivery, yard work, starting a handiwork club, teaching computer skills, or simply making a friend.
Connect with a like-minded organization that specializes in matching volunteers with particular types of service opportunities or lead your own initiative with family or friends. Whatever your age, you can make a difference in the lives of others!
Here is a list of organizations you might want to consider: