Properly funding your trust is crucial to ensuring your legacy is protected and distributed according…
Seniors Returning to Work After Retirement
There is a sudden change in the makeup of the workforce today, with many retirees resetting their alarm clocks and returning to work. Some retired during the Covid pandemic, some have been in retirement for longer. Some retirees are returning to the workforce because of rising living costs, others are simply looking for something to do and the social aspect of a work environment.
Whatever their reasons are for returning to work, seniors are finding employers that are happy to have them. It has become more evident that a workforce comprised of talent from all age groups is a stronger workforce. Retirees have been an overlooked pool of talented and experienced workers with strong work ethics.
Benefits for Seniors Returning to Work
Studies show that remaining physically and socially active throughout life can help overall health and reduce the chances of developing dementia. This is particularly true for seniors. Recent studies have shown that walking 10,000 steps a day can cut the risk of dementia in half. Remaining active has wonderful physical, mental, and even emotional benefits for our aging population. This is cited as one of the biggest reasons seniors choose to return to work, with 60% of those surveyed said they returned to work because they were simply looking for something to do. Others cite worries about rising costs.
Job Opportunities for Seniors Returning to Work
With the increase of remote-work opportunities, more jobs are opening that don’t require a commute. These jobs present an opportunity to work from home, which could be ideal for an older worker, especially if they have a spouse who needs extra care. Another benefit to remote work is that it reduces the overhead costs for both the employer and employee.
For seniors who prefer the social aspect of working directly with others, there are plenty of opportunities. Temp services are one possible option. Another option is the senior living industry. Senior living facilities are experiencing a high rate of turnover and need staff members. Here are some resources to help you find your post-retirement job.
AARP (formerly called the American Association of Retired Persons) has a program called BACK TO WORK 50+ that offers resources for job seekers who are over 50 years old. Through the program, AARP offers a free jobseeker guide, coaching sessions, and online tools and resources.
Senior Community Service Employment Program
For seniors seeking employment and who meet certain criteria, the Senior Community Service Employment Program (SCSEP) could be a good option. The SCSEP is an agency within the U.S. Department of Labor. The program, which is authorized by the Older Americans Act, provides training for unemployed, low-income seniors. Participants in the program also have access to assistance through American Job Centers.
Consult an Elder Law Attorney
Before venturing back into the workforce, it is a good idea to consult with an elder law attorney to ensure your new income stream will be appropriately accounted for in your estate plan. This may include creating a structure to ensure your new employment assets will avoid probate or taking steps to protect your new assets from potential creditors.
The team at Pierce Legal is dedicated to guiding and supporting seniors with specialized estate planning that is focused on the special and specific legal needs of the aging community, including the creation of wills and trusts, financial powers of attorney, and health care directives that ensure your trusted loved ones are able to make decisions on your behalf when you cannot. Contact us today to begin the process of creating a tailored plan to meet your needs and to establish peace of mind.
A Guide for Seniors on Estate Planning
Seniors Can Alleviate the American Workforce
How Living Trusts Can Help Seniors