Retirement Trends: The Rise of Entrepreneurship and Gig Work for Older Workers
The demographic shifts, combined with longer life expectancies, improved health, and changes to Social Security benefits and retirement plans, are leading to more people working into their 60s and beyond.
The need to save more for retirement and have access to reasonably-priced healthcare is also a factor.
The decision to keep working will depend on individual circumstances, including the need for income, personal health, and lifestyle preferences.
Entrepreneurship and gig work is becoming more popular for people who want to work later in life.
The gig workforce is a growing segment of the labor market that involves workers taking on temporary or project-based jobs. These jobs can range from writing a business plan, creating a website, construction work, wait staff, transportation, and many jobs in the tech industry.
Companies that connect gig workers with gig jobs have emerged in response to this trend. The gig workforce allows for greater flexibility and control for workers over their work, as well as offering a way for companies to access a pool of talent for specific projects or tasks.
Entrepreneurship and gig jobs offer the flexibility of being your own boss and the ability to choose your work location. This can provide a sense of fulfillment and purpose for individuals who have ended a long-term career but still want to remain active in the workforce.
Both options allow people to take advantage of their skills and experience while also having control over their schedule and workload.
Older workers who have already built a nest egg and have a solid retirement plan in place may not prioritize benefits and stability as much as younger workers.
The flexibility and variety of gig work can appeal to older workers who want to continue working and pursuing their interests. However, it's important to keep in mind that not all older workers may be in the financial position to take on the risks associated with gig work and that it's not a one-size-fits-all solution. It's crucial to consider one's personal financial situation, health, and overall goals before making a decision on whether gig work is a viable option.
An interesting article is https://www.bls.gov/careeroutlook/2016/article/what-is-the-gig-economy.htm.