Working After 50: Worry-free or Worrisome?

The world of work is changing. More and more people are working into their so-called retirement years. Some want to work because they need the money. Others work for the health benefits. Many wish to embark on new career paths.

We all know people who have said good-bye to high-stress jobs to follow a passion — engineers joining the Peace Corps, or physicians opening up restaurants, for example. And we have seen former executives run concession stands in our national parks, just to enjoy the scenery. At long last, they are grabbing the opportunity to do what they always wanted, to find their bliss.

For others who are less financially secure, work is a necessity. Perhaps they didn't save enough for retirement or maybe their investments soured. Some people encounter a cascade of bad luck that leaves them no choice but to keep working. That's what happened to John Bartlett, a chemical and nuclear engineer and former assistant secretary at the Department of Energy. John never intended to retire; neither did his wife, Joan, a psychologist. But a few years ago, when he was 65 and she was 58, what the couple intended or wanted no longer mattered. Joan was in an auto accident that ended her career, and then the stock market plunge decimated their investments. John took a job with the Environmental Protection Agency (EPA), with a program that specifically places skilled workers into critical jobs. He earns a modest hourly wage but says he enjoys his work. Most importantly, his health plan covers most of Joan's continuing care.

There are many stories like John's, and people continue working for different reasons. Remaining in the workforce can be very beneficial to older workers, but it also benefits employers and society. The employee builds financial security and stays productive and engaged. The company gets mature, skilled, motivated workers. And our social insurance systems, like Social Security and Medicare, are strengthened because more people are paying into them.

Unfortunately, older workers are not always valued. Age discrimination still persists forty years after the passage of the Age Discrimination in Employment Act. Many still feel the pain of age discrimination, and don't know how to rectify it.

We recently heard from Dave B. of Tifton, GA, who shared the difficulties he's facing since losing his job:

At 58 I was just downsized. My wife has not worked for a year as she has been caring full time for her mother with Alzheimer's. I will be able to keep my current insurance under COBRA for 18 months, but it will cost $1100 a month for myself and my wife. Unemployment will almost pay the insurance costs. What will I do after 18 months? We will not be able to purchase health insurance at any cost. I have worked and saved and our home is paid for and we have little debt. But all it will take is one triple by-pass to wipe out a lifetime of saving and conservative financial actions. Although age discrimination is against the law we all know that it is practiced. No employer wants a 58 year old on their group insurance. I fear we are in for very hard times.

Although there are still employers practicing discrimination, momentum for change is growing. Many employers are ahead of the curve when it comes to creating age-friendly workplaces. We need to promote these employers and encourage other employers to adopt similar practices. People should be able to work and earn money for as long as they like. We simply need to find ways to make it easier, not harder, for mature workers to stay in their current jobs or find new work.

Everybody benefits when people who want to work into their so-called retirement years continue to do so. Working beyond retirement helps people stay active, engaged and independent. Sixty-five used to be the magic number everyone recognized as "retirement age." Let's do everything we can to redefine the age of retirement for those who want, or need, to keep working.