Employment PreferencesStatistic # 317Approximately 98% of persons age 55 and above who were not in the labor force did not want to be in the labor force in 2003. "This section presents statistics on the labor force; its distribution by occupation and industry affiliation; and the supply of, demand for, and conditions of labor. The chief source of these data is the Current Population Survey (CPS) conducted by the U.S. Census Bureau for the Bureau of Labor Statistics (BLS)." |
Employment PreferencesStatistic # 828"The number one reason for taking retirement benefits cited by workers age 60-65 was 'wanted to try something new and different' (20%). This option was chosen much less frequently by 55-59 year-olds (12%) and by 66-70 year-olds (7%), suggesting that workers in their early 60s, who may be in a transitional period between full-time work and retirement, are particularly eager to seek out new experiences and challenges." (p.10) MetLife Mature Market Institute. (2006, April). Living longer, working longer: The changing landscape of the aging workforce- a MetLife Study. New York, NY: MetLife Mature Market Institute, DeLong, D., & Zogby International. Retrieved August 10, 2006, from http://www.metlife.com/WPSAssets/93703586101144176243V1FLivingLonger.pdf "This study describes the decisions that older workers are actually making about work and retirement. It reports on their experiences more than their expectations of the journey into retirement, assuming that life stage is not defined by some date, but is rather an ongoing process… It consisted of an interactive online survey conducted by Zogby with a panel of 2,719 respondents. To qualify for the study, participants had to be between the ages of 55-70. Slight weights were added to region, race and gender to more accurately reflect the population of U.S. adults. A primary focus of the 50-question survey was to better understand the experiences and behaviors of the aging workforce, so the survey included many questions asked only of people who were still working or seeking work, either full- or part-time.” |
Employment PreferencesStatistic # 848"Of those still in the workplace, about 76% of 55-59 year olds work more than 35 hours a week, and only 39% of 66-70 year olds work that much. In fact, among the oldest workers surveyed (age 66-70), nearly 4 in 10 (39%) are working fewer than 20 hours a week. And among those seeking work in this age group, 56% wanted less than 20 hours per week. For those currently working, the percentage of part-timers falls to 22% for 60-65 year-olds and 13% for 55-59 year-olds." (Chart 7, p.15) MetLife Mature Market Institute. (2006, April). Living longer, working longer: The changing landscape of the aging workforce- a MetLife Study. New York, NY: MetLife Mature Market Institute, DeLong, D., & Zogby International. Retrieved August 10, 2006, from http://www.metlife.com/WPSAssets/93703586101144176243V1FLivingLonger.pdf "This study describes the decisions that older workers are actually making about work and retirement. It reports on their experiences more than their expectations of the journey into retirement, assuming that life stage is not defined by some date, but is rather an ongoing process… It consisted of an interactive online survey conducted by Zogby with a panel of 2,719 respondents. To qualify for the study, participants had to be between the ages of 55-70. Slight weights were added to region, race and gender to more accurately reflect the population of U.S. adults. A primary focus of the 50-question survey was to better understand the experiences and behaviors of the aging workforce, so the survey included many questions asked only of people who were still working or seeking work, either full- or part-time.” |
Employment PreferencesStatistic # 858"55-59 year-old employees are more likely to want access to financial planning resources; those between the ages of 60-65 are more interested in flexible schedules and job design; and workers in the 66-70 age bracket place more value on social interaction and mental stimulation." (p.23) MetLife Mature Market Institute. (2006, April). Living longer, working longer: The changing landscape of the aging workforce- a MetLife Study. New York, NY: MetLife Mature Market Institute, DeLong, D., & Zogby International. Retrieved August 10, 2006, from http://www.metlife.com/WPSAssets/93703586101144176243V1FLivingLonger.pdf "This study describes the decisions that older workers are actually making about work and retirement. It reports on their experiences more than their expectations of the journey into retirement, assuming that life stage is not defined by some date, but is rather an ongoing process… It consisted of an interactive online survey conducted by Zogby with a panel of 2,719 respondents. To qualify for the study, participants had to be between the ages of 55-70. Slight weights were added to region, race and gender to more accurately reflect the population of U.S. adults. A primary focus of the 50-question survey was to better understand the experiences and behaviors of the aging workforce, so the survey included many questions asked only of people who were still working or seeking work, either full- or part-time.” |
Employment PreferencesStatistic # 1140The 2005 Merrill Lynch New Retirement Survey of Baby Boomers found, "More than three-quarters of boomers see work as playing some part in their retirement." (p.6)  Merrill Lynch. (2005, February 22)."The new retirement survey" from Merrill Lynch reveals how baby boomers will transform retirement. New York: Merrill Lynch. Retrieved June 27, 2006, from http://www.ml.com/index.asp?id=7695_7696_8149_46028_46503_46635 "Merrill Lynch, in an effort to better understand baby boomers, their aspirations and the financial implication of those aspirations, has undertaken a major research effort with the help of Harris Interactive and gerontologist Ken Dychtwald, Ph.D., president and CEO of Age Wave. That Work, The New Retirement Survey, is the first of its kind to ask baby boomers where they want to be, their hopes and fears for the future, and how they envision retirement. There were 3,448 U.S. baby boomers surveyed, and the portrait they painted is of retirement redefine." (p.3) |
Employment PreferencesStatistic # 1523In a 2004 survey on phased retirement preferences, older workers said they hoped to work part-time (63 percent) or more flexible hours (48 percent). Sixty-three percent of currents workers aged 50 and older want to phase in an entirely different career. There is a gap between employee preferences and what their current employers allow.  Watson Wyatt Worldwide. (2004). Phased retirement. aligning employer programs with worker preferences. 2004 survey report. Washington, DC: Author. "This report explores how and why workers phase and how phasing affects when workers fully retire. This information can help employers shape phased retirement programs that will enable them to more effectively manage their workforce and ensure an adequate supply of talent and experience in the years to come. To better understand the phasing process, Watson Wyatt Worldwide commissioned a telephone survey in 2003 of 1,000 individuals between the ages of 50 and 70." |
Employment PreferencesStatistic # 1529According to analysis of the National Study of the Changing Workforce, small business owners, 50 or older, followed closely by self-employed independents, report that they have greater autonomy on their jobs than wage and salaried employees. Autonomy is defined as "control over the pace, content, and methods of their work" (p. 9, fig. 5)  Bond, T. J., Galinsky, M. E., Pitt-Catsouphes, M., & Smyer, M. (2005). Context matters: Insights about older workers from the national study of the changing workforce. “This report is the first in a series of Research Highlights published by the Center on Aging & Work/Workplace Flexibility in collaboration with the Families and Work Institute that present the findings of in-depth analyses of the Families and Work Institute’s 2002 National Study of the Changing Workforce (NSCW). This first issue compares the personal characteristics, employment experiences, and attitudes of workers, 50 or more years old, who are wage and salaried employees, independent self-employed workers, and small business owners…The National Study of the Changing Workforce (NSCW) is conducted every five years. It surveys large samples of the U.S. workforce to collect information about both the work and personal lives of U.S. workers.” |
Employment PreferencesStatistic # 1530According to analysis of the National Study of the Changing Workforce, the majority of both male (65%)and female (62%) employees 50 or more years old would prefer to work fewer hours than they do currently. In contrast only 12% of women and 7% of men said they would prefer to work more hours. 28% of men and 26% of women said they would prefer to work the same hours. (p. 6, fig. 2).  Bond, T. J., Galinsky, M. E., Pitt-Catsouphes, M., & Smyer, M. A. (2005). The diverse employment experiences of older men and women in the workforce. (Research Highlight 02). “This report is the second in a series of Research Highlights published by the Center on Aging & Work/Workplace Flexibility in collaboration with the Families and Work Institute. These Research Highlights present the findings of in-depth analyses of the Families and Work Institute’s 2002 National Study of the Changing Workforce (NSCW). This report compares and contrasts the experiences of men and women, 50 and older, in the U.S. workforce. Gender is an important lens for examining the employment experiences of older workers, in part because the work and family histories of men and women tend to vary across the course of their lives…The National Study of the Changing Workforce (NSCW) is conducted every five years. It surveys large samples of the U.S. workforce to collect information about both the work and personal lives of U.S. workers.” |
Employment PreferencesStatistic # 1531Surveys of older workers consistently find that they indicate a strong preference for being able to use a range of different “flexible work options.” According to analysis of the National Study of the Changing Workforce, over 50% of men and women (52%) reported having access to a moderate level of flexible work options, while only approximately a quarter (20% men, 22% women) reported having access to a limited/no level of flexible work options. Only 28% of men and 26% of women reported having access to a high level of flexible work options. (p. 9, fig. 6)  Bond, T. J., Galinsky, M. E., Pitt-Catsouphes, M., & Smyer, M. A. (2005). The diverse employment experiences of older men and women in the workforce. (Research Highlight 02). “This report is the second in a series of Research Highlights published by the Center on Aging & Work/Workplace Flexibility in collaboration with the Families and Work Institute. These Research Highlights present the findings of in-depth analyses of the Families and Work Institute’s 2002 National Study of the Changing Workforce (NSCW). This report compares and contrasts the experiences of men and women, 50 and older, in the U.S. workforce. Gender is an important lens for examining the employment experiences of older workers, in part because the work and family histories of men and women tend to vary across the course of their lives…The National Study of the Changing Workforce (NSCW) is conducted every five years. It surveys large samples of the U.S. workforce to collect information about both the work and personal lives of U.S. workers.” |
Employment PreferencesStatistic # 826"While 28% of respondents age 55-59 listed themselves as "self-employed or business owner," more than one-third (36%) of 60-65 year olds and 42% of 66-70 year-olds work for themselves. The oldest workers surveyed (age 66-70) also demonstrate a strong preference for part-time work. Of those currently employed, roughly two-thirds (76%) of 55-59 year-olds work more than 35 hours per week, while only 39% of 66-70 year-olds work that much." (p.7) MetLife Mature Market Institute. (2006, April). Living longer, working longer: The changing landscape of the aging workforce- a MetLife Study. New York, NY: MetLife Mature Market Institute, DeLong, D., & Zogby International. Retrieved August 10, 2006, from http://www.metlife.com/WPSAssets/93703586101144176243V1FLivingLonger.pdf "This study describes the decisions that older workers are actually making about work and retirement. It reports on their experiences more than their expectations of the journey into retirement, assuming that life stage is not defined by some date, but is rather an ongoing process… It consisted of an interactive online survey conducted by Zogby with a panel of 2,719 respondents. To qualify for the study, participants had to be between the ages of 55-70. Slight weights were added to region, race and gender to more accurately reflect the population of U.S. adults. A primary focus of the 50-question survey was to better understand the experiences and behaviors of the aging workforce, so the survey included many questions asked only of people who were still working or seeking work, either full- or part-time.” |
Employment PreferencesStatistic # 730“Among workers 50 or more years old, most wage and salaried employees (64 percent) and small business owners (61 percent) would like to work fewer hours than they currently work, compared with only 48 percent of independent self-employed workers who would like to work fewer hours,” according to analysis of the National Study of the Changing Workforce. (Fig. 3, p.7)
Bond, T. J., Galinsky, M. E., Pitt-Catsouphes, M., & Smyer, M. (2005). Context matters: Insights about older workers from the national study of the changing workforce.
“This report is the first in a series of Research Highlights published by the Center on Aging & Work/Workplace Flexibility in collaboration with the Families and Work Institute that present the findings of in-depth analyses of the Families and Work Institute’s 2002 National Study of the Changing Workforce (NSCW). This first issue compares the personal characteristics, employment experiences, and attitudes of workers, 50 or more years old, who are wage and salaried employees, independent self-employed workers, and small business owners…The National Study of the Changing Workforce (NSCW) is conducted every five years. It surveys large samples of the U.S. workforce to collect information about both the work and personal lives of U.S. workers.” |
Employment PreferencesStatistic # 722Younger wage and salaried employees were more likely than older wage and salaried employees to have plans for self-employment or having their own business: "43 percent of employees under 30 years old, 31 percent of those 30-39 years old, 20 percent of those 40-49 years old, and 14 percent of employees 50 or more years old said they planned to be self-employed or have their own business at some point.” (p.3) Center on Aging & Work / Workplace Flexibility. (2005, November).Context matters: Insights about older workers from the National study of the changing workforce. (Research Highlights No. 01).Chestnut Hill, MA: Bond, T. J., Galinsky, M. E., Pitt-Catsouphes, M., & Smyer, A. M. Retrieved July 31, 2006, from http://agingandwork.bc.edu/template_highlights “This report is the first in a series of Research Highlights published by the Center on Aging & Work/Workplace Flexibility in collaboration with the Families and Work Institute that present the findings of in-depth analyses of the Families and Work Institute’s 2002 National Study of the Changing Workforce (NSCW). This first issue compares the personal characteristics, employment experiences, and attitudes of workers, 50 or more years old, who are wage and salaried employees, independent self-employed workers, and small business owners…The National Study of the Changing Workforce (NSCW) is conducted every five years. It surveys large samples of the U.S. workforce to collect information about both the work and personal lives of U.S. workers.” |
Employment PreferencesStatistic # 363A 2004 survey of older workers conducted by Watson Wyatt Worldwide found that "more than 60 percent of surveyed workers are interested in working fewer hours late stages of their careers, but less than half of them expect their employers to provide this flexibility." (p.1) Watson Wyatt Worldwide (2004). Phased retirement. Aligning employer programs with worker preferences. 2004 Survey report. "This report explores how and why workers phase and how phasing affects when workers fully retire. This information can help employers shape phased retirement programs that will enable them to more effectively manage their workforce and ensure an adequate supply of talent and experience in the years to come. To better understand the phasing process, Watson Wyatt Worldwide commissioned a telephone survey in 2003 of 1,000 individuals between the ages of 50 and 70." |
Employment PreferencesStatistic # 379Men older workers (37 percent) were three times as likely as the women (12 percent) to indicate an interest in working as a consultant. (pp. 38-39) Parkinson, D. (2002). Voices of experience: Mature workers in the future workforce.
"Anticipating the impact of demographic trends on businesses, The Conference Board has been engaged in research examining the aging population, health care for retired employees, and the opportunities and constraints of employing older workers. The Board convened the Engaging Mature Workers Working Group in September 2000 to address the challenge of maintaining a productive workforce in an aging society. HR executives representing corporate staffing, benefits administration, and diversity management functions at 15 leading companies are lending their expertise to developing business strategies that maximize the talents of mature workers." |
Employment PreferencesStatistic # 382Some older workers want to devote their later career years to jobs that either allow them to develop new competencies or are less demanding. These older workers employees may be interested in making transitions to different jobs within the company. Sometimes, these are either lateral moves or even moves to positions that result in a pay decrease. One recent survey by the Society for Human Resource Management (SHRM) found that 29 percent of the responding companies indicated they provide such opportunities. (p.11) Society for Human Resource Management. (2005, June). 2005 Future of the
“In February 2005, the Society for Human Resource Management (SHRM) conducted a survey on the labor pool with HR professionals. The survey explored workforce eligibility for retirement, competencies, school-to-work programs, incumbent worker training programs and dislocated worker training programs. At the same time, SHRM conducted a companion survey with individuals 55 or older regarding retirement. The following report provides an analysis of the survey results. Throughout this report, analyses by organization staff size, sector, profit status, industry, gender, current employment status and position are included, when applicable. Copies of both versions of the survey instrument are included at the end of the report.” |
Employment PreferencesStatistic # 385A 2005 survey of baby boomers (i.e. people born between 1946 and 1964), conducted by Merrill Lynch, found that while most older workers want to continue to work, only 6 percent want to work as full-time employees. Merrill Lynch. (2005, February 22)."The new retirement survey" from Merrill Lynch reveals how baby boomers will transform retirement. New York: Merrill Lynch. Retrieved June 27, 2006, from http://www.ml.com/index.asp?id=7695_7696_8149_46028_46503_46635 For the New Retirement Survey, "Harris Interactive® fielded the online and telephone survey between February 5 and March 1, 2004, among a nationwide cross section of 2,348 U.S. adults ages 40 to 58 of whom 1,061 were men and 1,287 were women. Data were weighted to reflect the total U.S. adult population ages 40 to 58 for age, sex, race, region, education and household income. For the telephone survey, data were weighted for the number of voice/telephone lines in the household. For the online survey, propensity score weighting was done to adjust for respondents' propensity to be online." |
Employment PreferencesStatistic # 387The Cornell Careers Center found that of non-retired older workers whom worked "44 hours per week on average," that "nearly half (48%) of these workers would prefer to work significantly fewer hours--eight hours less on average." (Figure I-6, p.6) Moen, P., Erickson, A. W., Agarwal, M., Fields, V., & Todd, L. (2000). The Cornell retirement and well-being study. Final Report. "The Cornell Retirement and Well-Being Study investigates the transition to-and life in-retirement. The focus is on pathways in and out of paid work and unpaid community service, as well as their implications for well-being. Most studies of retirement have viewed it as a one-way, onetime exit, and have examined men’s experiences exclusively. By contrast, we look at men and women, interviewing a large (n=664) sample of 50-72 year olds every two years over a five-year period, from 1994-95 to 1998-99. The study consists of three waves of interviews of older workers and retirees, collected approximately two years apart: 1994-95, 1996-97, and 1998-99. We selected people to study from random lists of workers and retirees (age 50-72 in1994-95) from six major upstate New York corporations. Participating organizations include one university, two hospitals, two Fortune 500 firms, and a utility company. Our original sample, interviewed in 1994-95, consisted of 762 retirees and not-yet-retired older workers.” |
Employment PreferencesStatistic # 388The Cornell Careers Center found that "The most common reason for retiring but continuing to work after retirement is that respondents want a work schedule that allows them the flexibility to do other things, such as travel, or develop other interests (71% gave this reason)." (p.16) Moen, P., Erickson, A. W., Agarwal, M., Fields, V., & Todd, L. (2000). The Cornell retirement and well-being study. Final Report. Ithaca, NY: Bronfenbrenner Life Course Center at Cornell University. "The Cornell Retirement and Well-Being Study investigates the transition to-and life in-retirement. The focus is on pathways in and out of paid work and unpaid community service, as well as their implications for well-being. Most studies of retirement have viewed it as a one-way, onetime exit, and have examined men’s experiences exclusively. By contrast, we look at men and women, interviewing a large (n=664) sample of 50-72 year olds every two years over a five-year period, from 1994-95 to 1998-99. The study consists of three waves of interviews of older workers and retirees, collected approximately two years apart: 1994-95, 1996-97, and 1998-99. We selected people to study from random lists of workers and retirees (age 50-72 in1994-95) from six major upstate New York corporations. Participating organizations include one university, two hospitals, two Fortune 500 firms, and a utility company. Our original sample, interviewed in 1994-95, consisted of 762 retirees and not-yet-retired older workers.” |
Employment PreferencesStatistic # 392"The Cornell Retirement and Well-Being Study found that a little more than half (56%) of older workers aged 55-74 prefer to remain working, but most of them do not want to work full-time." (p.6) Moen, P., Erickson, A. W., Agarwal, M., Fields, V., & Todd, L. (2000). The Cornell retirement and well-being study. Final Report. Ithaca, NY: Bronfenbrenner Life Course Center at Cornell University. "The Cornell Retirement and Well-Being Study investigates the transition to-and life in-retirement. The focus is on pathways in and out of paid work and unpaid community service, as well as their implications for well-being. Most studies of retirement have viewed it as a one-way, onetime exit, and have examined men’s experiences exclusively. By contrast, we look at men and women, interviewing a large (n=664) sample of 50-72 year olds every two years over a five-year period, from 1994-95 to 1998-99. The study consists of three waves of interviews of older workers and retirees, collected approximately two years apart: 1994-95, 1996-97, and 1998-99. We selected people to study from random lists of workers and retirees (age 50-72 in1994-95) from six major upstate New York corporations. Participating organizations include one university, two hospitals, two Fortune 500 firms, and a utility company. Our original sample, interviewed in 1994-95, consisted of 762 retirees and not-yet-retired older workers.” |
Employment PreferencesStatistic # 524According to a 2005 Merrill Lynch survey, “when probed about their ideal work arrangement in retirement, the most common choice among boomers would be to repeatedly “cycle” between periods of work and leisure (42%), followed by part-time work (16%), start their own business (13%) and full-time work (6%). Only 17% hope to never work for pay again.”
Varchaver, N. (2005). Pitchman for the gray revolution. (cover story). Fortune, 152(1), 63-72 Graph based on data from Merrill Lynch. (2005). The Merrill Lynch new retirement survey: A perspective from the baby boomer generation. Retrieved November 12, 2007 from http://askmerrill.ml.com/pdf/RetirementSurveyReport.pdf “The New Retirement Survey,” conducted for Merrill Lynch by Harris Interactive in collaboration with Age Wave, builds upon conventional wisdom that boomers are not interested in pursuing a traditional retirement of leisure. The majority of boomers relate they plan to keep working and earning in retirement, but will do so by cycling between periods of work and leisure, thus creating a new model of retirement…Harris Interactive® fielded the online and telephone survey for Merrill Lynch and Ken Dychtwald, between February 5 and March 1, 2004 among a nationwide cross section of 2,348 U.S. adults ages 40-58 of whom 1,061 were men and 1,287 were women. Data were weighted to reflect the total U.S. adult population ages 40-58 for age, sex, race, region, education and household income.” |
Employment PreferencesStatistic # 1652In a 2007 national study, approximately 4 of every 10 employers (40.7%) report that they had assessed their employees' career plans and work preferences to either a "moderate" or "great extent." (p. 14) Pitt-Catsouphes, M., Smyer, M. A., Matz-Costa, C., & Kane, K. (2007). The national study report: Phase II of the national study of business strategy and workforce development (Research Highlight No. 04). Chestnut Hill, MA: The Center on Aging & Work/Workplace Flexibility. Retrieved August 22, 2007 from http://agingandwork.bc.edu/documents/RH04_NationalStudy_03-07_004.pdf The National Study of Business Strategy and Workforce Development is a 2007 study carried out by The Center on Aging & Work/Workplace Flexibility at Boston College. Human resource professionals at 578 non-governmental organizations with 50 or more employees completed a survey about their organization's response to the aging workforce. At these organizations, approximately three-fourths of the employees were full-time, almost half were women and one-third were members of a racial/ethnic minority group. |
