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Written by: The Hartford Funds in conjunction with the MIT Age Lab
Given that Americans are living longer, working past traditional retirement age is not uncommon.
In fact, a recent survey said 65% of baby boomers expect to stay in the workforce past age 65 or have no plans to retire at all.*
But how will they retain or even increase their value in the workplace—especially among younger coworkers, or those with more current knowledge? Or what if your clients don't want to work a 40+ hour workweek? Here's good news: Technology can help them to both keep their skills sharp as well as provide them with flexible employment that lets them work when they want to.
Introduce aging clients to new technologies that can increase their staying power in the workforce. By doing so, you can differentiate your practice and boost your own value. Here's how:
1. Staying relevant
Henry Ford once said, “Anyone who stops learning is old, whether at 20 or 80. Anyone who keeps learnings is young.” Along that vein, you can encourage clients—even before retirement—to keep their skills current or acquire new ones through massive open online courses. Examples of these services are edX and Coursera, which offer thousands of courses in a variety of subjects. Many are even free.
2. Gaining flexibility
It’s becoming much easier for employees to work in nontraditional settings. Technology now offers remote workers the flexibility to complete tasks outside the office. That allows for more forgiving schedules, as well as flexibility of working anywhere with an internet connection.
3. Entering the new sharing economy
Employment doesn’t have to mean punching the clock anymore. The growth of today’s sharing economy has introduced on-demand services at the click of an app, creating flexible employment opportunities. Ride-sharing apps, such as Uber and Lyft, have said retirees are often their most popular drivers. Accomodation apps like Airbnb and Silvernest offer social interaction in addition to income.
Watch the full webinar here .
*Source: Transamerica Center for Retirement Studies, Ready or Not: Baby Boomers Are Revolutionizing Retirement, 12/18/14. Most recent data available used.
The MIT AgeLab is not an affiliate or subsidiary of Hartford Funds.