How to Get the Most Out of 5 Key Job Benefits After 50

Access to legal services can also be important to caregivers who may need to create powers of attorney or other legal documents to help manage others’ care.

3. Healthcare benefits

Health benefits often are a priority for older workers, according to the Center on Aging and Work research, including health insurance with low premiums. “As you get older, you may need to see more doctors,” says health benefits expert Richard Safeer, author of A Cure for the Common Company: A Well-Being Prescription for a Happier, Healthier, More Resilient Workforce. It’s important to schedule preventative care and screenings to manage your health, Safeer adds. In addition, take advantage of HSAs and flexible spending accounts (FSAs) offered by employers, both of which can help you manage health care costs.

However, getting the care needed isn’t always easy, especially for older adults who may require specialists, says Shelly MacConnell, chief strategy officer of WIN, a family-building and women’s health benefits provider. For example, doctors with specialized training in menopause treatments and urology—needs of particular significance to older adults—may be hard to find in some areas. Ask whether your company can offer support in finding the specialists and care you need, MacConnell says. “Access to a virtual network of care providers can be important for both men and women as they are aging and trying to age in a healthy way,” she says. Some businesses are adapting to the potential healthcare needs of older workers. Data from Mercer says that 15 percent of larger employers offer menopause benefits, up from 4 percent two years ago.

4. Caregiving and wellness

Employers may also offer wellness, work-life balance and caregiving benefits that are particularly useful to older workers age. Matz says that employee assistance programs (EAPs) may be sources of counseling and support for caregivers. Conley adds that significant life changes can also be a source of stress and that seeking out the ways your employer supports mental health can be important. “[If] you're more comfortable with your mental state, you're more confident what you're doing, that can also help you have a better retirement and make sure those last working years are more productive,” he says.

Paid leave and flexible work policies can also be important, Matz says. People aged 50-plus may be caregivers for both children and aging relatives and need to take off periods of time to tend to these roles. In addition, flexible work arrangements — both in the hours worked and the ability to work remotely at least some of the time — can help employees maintain better work-life balance, Copeland says.

Such flexibility may help them manage doctor appointments and other caregiving needs. If the individual has mobility or health issues, remote or hybrid work can help them stay in the workforce, he adds. However, each employee has individual needs, and some may want to be in the office regularly for social interaction.

“These options support work-life balance, reduce commute-related fatigue, and allow employees to manage caregiving responsibilities while staying engaged in the workforce. They also provide a gradual transition into retirement, offering a sense of control over the next phase of their careers,” Matz says.

5. Training and upskilling

With the pace of technology evolving quickly, staying on top of new development in workplace technology, artificial intelligence and other areas can be a constant challenge. Employees can turn to workplace learning and development programs and training for options to stay current and keep their skills marketable, Matz says. It also helps debunk the “older workers aren’t good at tech” stereotype.

“Many employers offer tuition reimbursement, certifications or training programs, which can be leveraged to upskill in areas like technology or leadership. Technology changes, in particular, play a significant role in shaping how individuals feel about their ability to engage in the workforce longer,” she says. These opportunities can also give older workers more choice about when and how they retire, perhaps choosing to stay in the workforce longer or opt for a phased retirement over time. They also give older workers increased opportunities for new types of jobs or promotions later in their careers.

Workplace mentoring programs—where older workers can be both mentors and protégés—can also “enhance the work experience by fostering a sense of purpose and inclusion,” Matz adds.

“Ultimately, maximizing employee benefits at this stage requires thoughtful planning and active engagement,” Matz says. “Employers play a crucial role in supporting these efforts through inclusive policies and programs that recognize the value of the aging workforce.”