A December 2017 study published in BenefitsPRO shows how seniors have quickly become a significant portion of the U.S. labour force, now at 19.3 percent.
Why so many? In a word, “money.”
As Americans are living longer, the need to finance that longevity has become more important and has shortened or deferred retirements. Housing and medical costs in the U.S. have forced many Americans who have not saved enough for their retirement to return to work or stay in it.
The top three occupations for these seniors include management, sales and office support positions.
I expect the statistics in Canada are similar, although many retired people here work in teaching (which is not the case in the U.S.). Also, with our health care system, medical expenses are less burdensome in Canada.
Housing may also be less affordable in Canada, depending where you live.
We have arrived at the point where not only are there fewer people to replace would-be retirees, but where those retirees expect to live long enough that they need the money.
This ad ran in the Richmond News on February 8, 2018.