Most people when they reach their senior-career level start to have issues balancing their work and life. Two studies have come to surface that focus on people ages 59 to 79 and the causes to why they stop or cut back on working.
One of these studies includes the paper, Work-Life Balance and Labor Force Attachment at Older Ages, written by economists Marco Angrisani and Erik Meijer of the University of Southern California and Maria Casanova of California State University.
You never expect it when your husband or wife suddenly falls ill. They need support and help taking care of themselves One of the leading causes of women leaving the workforce was due to their spouses have a health shock. The Employee Benefit Research Institute’s 2017 Retirement Confidence Survey noted that 14% of people who retired earlier than planned cited having to take care for a spouse or another family member.
Men, however, do not have the same statistics of leaving their work to aid their wives. According to the same study, women bear more responsibility as they take on the role of caregiver.
As mentioned before, there was a second study that focused on employees leaving their job or taking on fewer hours. The study found that frequently workers who are over 50 take longer to land a job than younger people, but the jobs they’re offered tend to be for less pay than their prior position.
Older workers want a job that has attributes such as job satisfaction, work flexibility, meaningful work, and opportunities to gain transferable skills and for advancement. If you are an older worker and want to continue working past your mid-60s you can delay claiming Social Security benefits that will cause them to grow by 8% each year until the age of 70.
Whenever you decide to retire, make sure that you have all bases covered. Cosmo Insurance offers life insurance and long term care insurance that will lessen the financial burden on your loved ones. Buying life insurance now rather than later is a guarantee that the premiums you pay will be less expensive as the price correlates with your age. LTC insurance also provides a bucket of money that you can use in the case you need to be taken care of in your older years, which is a high possibility.