Great News for U.S. Senior Citizens

Now that America's Senior Citizens' Social Security benefits are not subject to penalty for earning money after age 65, the Senior Job Bank arrives to offer a proven, free and easy-to-use web site for actually 'finding' the perfect employment opportunity through a worldwide source.

Take a look at these statistics:

At age 50:
     75% of the population has less than $5,000 in the bank for retirement.

At age 65:
     45% of Americans depend on relatives
     30% depend on charities
     23% are still working (most work until they are no longer physically capable)
     Only 2% are self-sustaining.

Many workers look forward to their retirement as a time to enjoy themselves.

They discuss and plan their retirement as a major event, during which they no longer have to worry about keeping time schedules and appointments. They now have the time to pursue the activities or hobbies they've always wanted to do but never had the time.

They may even sell their homes and/or move into a smaller home. Continuing work might be the furthest thing from their minds, unless, for example, they need extra income or have a strong desire to pursue a new career.

Some senior citizens would like to continue making use of their talents and abilities by working. They feel that they could be useful in helping train younger workers; by performing tasks that require a particular form of expertise; or by continuing the type of work they had been doing before they retired.

Some would like to continue working because the income gives them a greater sense of self-reliance. They prefer remaining as independent of their children and other people for as long as they can. By working, they can earn money to carry out the activities that interest them, such as traveling.

Other senior citizens desire to continue working because they need to augment their retirement income. Otherwise, they might have a difficult time making ends meet at the end of each month. A few senior citizens, for example, worry that they do not have enough savings to live through a crisis such as an illness that might involve a long period of hospitalization. Some might even have to work because their spouses are ill and are in need of medical care; they need the income to help pay for medical expenses.

However, four factors hamper their efforts to find employment:

  1. Although many of today’s senior citizens are better educated and better trained than senior citizens of the past, they run into difficulties because companies that hire senior citizens may want them to perform tasks which are repetitive, even menial.
  2. Finding employment opportunities has become more difficult for senior citizens. Many companies have cut back on their work force by requiring workers in their late 40s and 50s to take early retirement. Many companies have also begun opening up manufacturing plants overseas in order to cut production costs.
  3. In looking for employment, senior citizens must compete with younger men and women who are also looking for work, as well as with other senior citizens.
  4. Senior citizens often have difficulty finding employment opportunities that offer them the hours that suit them. Some employers require elderly workers to start work early in the morning, or to work late into the evening. Many seniors, now that they have retired, do not want to work at jobs that require them to wake up early or to return home late.

Older Workers Facts and Figures:

Here are some mature worker statistics which we thought you would like to know:

Seniors (65+) represent 12.7% of U.S. population, about one of every eight Americans. About 3.9 million older Americans were in the labor force in 1997, including. 2.3 million men and 1.6 million women. Seniors constituted 2.9% of the U.S. labor force.

Mature adults are not only the fastest growing demographic segment of the population, they are also the fastest growing consumer group buying computers and logging on -- 7.6 million Americans age 50+ are on-line. Americans age 55+ logged the most usage — 33 hours a month — compared to an average 24 hours a month by other age groups.

Aging Baby Boomer Generation Facts:

  • By 2005, there will be about 55 million workers age 45+ -- about 37% of the labor force. Persons 55+ will represent 14.5% of the labor force. Much of the increase will occur in the 50-60 year old group. After 2005, there will also be an increase in the 60-70 year old group.
  • Labor force in 2005 - The number of labor force participants over age 55 will increase by about 33% (from 16 million in 1995 to 21 million).
  • Based on Census Bureau and SSA estimates of population and labor force participation - In 2005, there will be over 30% more older persons working and over 30% more older workers unemployed.
  • Over the next decade, the aging of the baby boom generation will substantially increase the number of mature and older workers and the number of unemployed older workers, below poverty, and/or economically disadvantaged.
  • Not only are individuals living longer after they retire, but they are healthy enough to continue working or performing other productive activity longer than previously had been the case.
  • The demand for employment services by older workers will increase as the baby boom generation ages over the next 20 years.

America's Aging Workforce

  • America’s workforce is aging. By 2006, more than 15% of the U.S. labor force is projected to be aged 55 or older, up from under 12% today.
  • There are now more than 33 million individuals age 65 or older living in the U.S. By the year 2030, it is expected that this age population will exceed 70 million.
  • Years of surveys and opinion polls show that human resource managers view older workers as loyal, dependable, reliable, experienced, service-minded, with a sense of good judgment, and knowing they have to give in order to receive.

Our Legacy to the Next Generation of Senior Citizens!

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