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Employment and retirement

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Data from both the US Bureau of Labour and Statistics and Eurofound demonstrate increasing employment rates among adults age 55 or older, and these rates are projected to increase through 2024.3,30 As of 2015, adults over 55 made up approximately 22% of the US workforce. As the Baby Boomer generation continues to age, a small minority are expected to continue working well into their 70s. Although they are only a small proportion of the workforce, workers age 70–75 are expected to experience the largest relative growth over the next decade.

Reasons for working into older age are myriad. Some work for financial necessity or financial incentives, such as contributing additional income toward retirement plans or pensions. Additionally, longer life expectancy, improved health status, and higher educational attainment in developed countries such as the US and EU increase the amount of time adults remain in the workforce.

International efforts to combat ageism and workplace discrimination have led to improved working conditions for older adults. Many industries in the developed world are moving toward eliminating mandatory retirement ages. However, discrimination does persist. For example, if an adult over 50 years loses their job, on average, it will take them much longer to find a new job compared to younger adults, and they are more likely to receive a pay cut if and when they do find new employment.31

Like any major transition, retirement can significantly impact an older adult's quality of life. Approximately one‐quarter of adults report that their quality of life worsened after retirement. The retirement experience fell short of their expectations for a number of reasons, including boredom, financial worries, or changes in their health status.32 In retirement, older adults should be counselled to participate in social activities, continue to foster connections with friends and family, exercise regularly, and engage in mentally stimulating activities, as all have been positively correlated with increased quality of life and decreased risk of dementia and social isolation.

Pathy's Principles and Practice of Geriatric Medicine

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