Bracing For More Work Years
It’s a trend that caught business leaders and senior advocates a bit off guard. While they expected aging Americans to affect the economy — especially when the baby boomers retire and leave some professions shorthanded — they weren’t expecting the economy to have such an effect on today’s aging Americans.
The gold and red pin shines brightly on Sybil Lancman’s black shirt. It signifies more than 25 years of retail work for Dayton’s and now Macy’s in downtown St. Paul. The only question, at age 69, is how much longer she will have to wear it.
Not that she is looking to quit, but the option has been all but taken away by the rising cost of her health care and the declining value of her retirement account.
“I thought I would have been out of here sooner,” Lancman said, leaning against a counter in the children’s clothing department. “I think now it’s going to be later.”
Many seniors have confronted similar trouble this year. While the values of their homes and retirement funds have declined, prices on food, clothes, gas and everyday necessities have risen. For many seniors, the only solution has been to delay retirement for a year or two, or to return to the work force.
Filed Under: Baby Boomers • Career & Work
