Older Workers and Job Changes

One of my previous articles made the point that younger workers will change jobs- often as many as ten job changes during their career. (see article titled: Employee Retention and Small Business – March 2017)

These job changes are not only expected, but data show that the changes that younger workers make are either lateral moves or jobs with higher pay; with better benefits or offer more ‘family’ time.

For older workers the pattern is different. Job changes that happen later in life, often are moves into a ‘lesser’ job.  According to a recent * Squared Away research article: Older Workers’ Job Changes a Step Down (March 30, 2017)  “…older workers who switch jobs often take a hit on their earnings and benefits.”

However, on the positive side, these later career job changes are often into less stressful and demanding positions.  And they are positions where an older worker can continue a meaningful career; continue to build social security benefits and delay taking their social security benefits for a longer period.

For more interesting data on late life career changes:   access the Abstract:

Occupational Transitions at Older Ages: What Moves are People Making?By Amanda Sonnega, Brooke Helppie McFall and Robert J. Willis #WP 2016-352

on the Michigan Retirement Research Canter , University of Michigan website (www.mrrc.isr.umich.edu)

 

* Squared Away is published by The Center for Retirement Research at Boston College

Working To Preserve Your Wealth and Protect Your Future…in a Constantly Changing World

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Visit my website: www.attorneybarbaradalvano.weelby.com for more articles and interesting infographics

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About Attorney Barbara Ann Dalvano

Attorney in Denver, Colorado with extensive practice experience in the areas of Estate Planning, Wills and Trusts, Business Succession Planning, Probate, Contract Law.

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