by Personal finance professional Dan Roccato discusses among the key contributors for Americans’ 401(okay) balances plunging by 23 % in 2022 on ‘Cavuto: Coast to Coast.’
Rising costs are taking a chew out of Americans’ budgets and market volatility is hammering their portfolios, main many to reassess their plans for retirement.
A majority now plan to stay within the workforce longer than they initially deliberate or have deserted the concept of leaving it altogether. But with the added menace of additional layoffs, older Americans are more and more looking to gig work to make ends meet, in accordance to new knowledge from AARP.
New knowledge from AARP reveals gig work is on the rise amongst older Americans. (iStock / iStock)
“With inflation and the cost of living weighing on folks’s minds, many older adults are selecting to delay retirement,” says Carly Roszkowski, vice chairman of economic resilience programming at AARP. A latest survey the group performed reveals that of adults who’re nonetheless working, greater than half count on both to work in retirement or to by no means retire.
AMERICANS STRUGGLING TO MAKE CAR PAYMENTS IS HIGHEST SINCE GREAT RECESSION
The group’s newest examine of employees age 40 and older discovered greater than 1 / 4 (27%) are actually doing freelance or gig work. Of these, 89% stated their main motivation for taking up impartial work was to make more money. But almost as many, 87%, stated versatile work hours have been one other main driver for his or her choice.
According to AARP, gig and freelance work is on the rise amongst older Americans. (iStock / iStock)
“For people who retired in the course of the pandemic and have returned or are contemplating returning to the workforce, gig or freelance jobs are sometimes interesting as a result of they supply folks the chance to set their very own hours and be their very own boss,” Roszkowski defined.
RETIREES FEELING THE IMPACT AS SOCIAL SECURITY CHECKS FELL SHORT LAST YEAR: REPORT
Gig work can be seen as a backup plan in an unstable labor market. In the identical survey, older employees expressed worries about job safety. Thirty % of respondents stated they suppose it’s possible they may lose their job inside a yr, primarily due to a weak financial system.
“The world of work modified with the pandemic,” Roszkowski informed FOX Business. “Many older employees have been laid off or had to stop their jobs to maintain members of the family, and as they return they need extra work-life steadiness.”
Recent AARP knowledge reveals a majority of U.S. employees have both delayed their retirement plans or say they’ll by no means retire. (iStock / iStock)
That makes gig work a horny possibility.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“While gig and freelance work give older employees the chance to earn more money, it’s additionally a method to make ends meet whereas having flexibility to care for fogeys, a associate, or kids,” Roszkowski added.
