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 risk of additional layoffs, older Americans are more and more looking to gig work to make ends meet, in accordance to new knowledge from AARP.
“With inflation and the cost of living weighing on individuals’s minds, many older adults are selecting to delay retirement,” says Carly Roszkowski, vp of monetary resilience programming at AARP. A latest survey the group performed exhibits that of adults who’re nonetheless working, greater than half count on both to work in retirement or to by no means retire.
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The group’s newest research of staff age 40 and older discovered greater than 1 / 4 (27%) are actually doing freelance or gig work. Of these, 89% mentioned their major motivation for taking up impartial work was to make more money. But practically as many, 87%, mentioned versatile work hours have been one other main driver for his or her determination.
“For people who retired through 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 individuals the chance to set their very own hours and be their very own boss,” Roszkowski defined.
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Gig work can be seen as a backup plan in an unstable labor market. In the identical survey, older staff expressed worries about job safety. Thirty p.c of respondents mentioned they suppose it’s possible they may lose their job inside a 12 months, primarily due to a weak economic system.
“The world of work modified with the pandemic,” Roszkowski advised FOX Business. “Many older staff have been laid off or had to give up their jobs to maintain members of the family, and as they return they need extra work-life stability.”
That makes gig work a horny choice.
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“While gig and freelance work give older staff the chance to earn more money, it’s additionally a means to make ends meet whereas having flexibility to care for folks, a associate, or youngsters,” Roszkowski added.