The Covid-19 recession led to significant job losses among older workers, with 5.7 million ages 55 and up losing their jobs between March and April 2020. However, five years later, many older workers are reaping the benefits of new employer policies designed to retain this demographic. These include phased retirement plans, part-time schedules, and remote work options, which not only address financial reasons for working longer but also fulfill social and purpose-driven needs. Research indicates that remote work may reduce retirement likelihood by 1.4%, providing financial advantages by allowing workers to delay retirement-related withdrawals.
"We're seeing more and more employers putting in benefits and programs that help retain some of that older workforce," said Carly Roszkowski, vice president of financial resilience programming at AARP. These programs include phased retirement plans, part-time schedules and remote or hybrid work options, Roszkowski said.
"If they delay claiming Social Security for that year, or delay digging into their 401(k) for that year, or contribute to their 401(k) for that year, that's all going to be good for their finances," said Geoffrey Sanzenbacher.
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