Revolutionizing the 70+ Workforce

The U.S. Bureau of Labor Statistic released a report in 2021 that projects a startling 96.5% increase in the number of people 75 and older in the labor force between 2020 and 2030. Beyond the typical retirement age, there is a strong need for purpose, identity, and meaningful contributions, which is driving this substantial growth in addition to financial necessity.

Nevertheless, elder workers' demands are frequently unmet in the traditional workplace. A 2018 AARP survey found that 61% of workers over 45 reported experiencing age discrimination in the workplace.

But what do people aged 70 and up really think? There are a lot of people who worry about keeping up, are afraid of looking old, and want to stay active and involved. They worry that if they don't stop working, they'll miss out on the "real" experience of retirement or that they're not doing right by not being fully retired.

Understanding these emotional and psychological concerns is key to supporting this vibrant demographic.

Let’s start by busting some common myths that may be weighing on their minds and holding them back:

Busting the Myths

• Myth: Older workers can't keep up. Reality: Cognitive diversity leads to better problem-solving and innovation.
• Myth: Retirement means stopping work entirely. Reality: Many septuagenarians (people in their 70s) are embracing "portfolio careers," combining part-time work, volunteering, and personal projects.
• Myth: Working past 70 is always about financial necessity. Reality: Many continue working for mental stimulation, social connections, and a sense of purpose.

The Scoop on Septuagenarians

Who Are They?

• Septuagenarians are individuals in their seventies, marked by extraordinary energy and commitment to staying active.

Key Insights:

• Work Trends: Over half of Baby Boomers plan to work past 70 or not retire, driven by financial needs (82%) and a desire for healthy aging (78%) according to 2024 survey by the Transamerica Center .
• Lifestyle: This generation focuses on maintaining an active, passionate lifestyle through part-time work, volunteering, and new hobbies.
• "Find something you're passionate about and stay incredibly interested in it," which was said by Julia Child, sums up their attitude.

Why It Matters:

• Septuagenarians are redefining aging, seeking continuous growth and engaging activities, rather than settling for a sedentary retirement.

Beyond Financial Security

For septuagenarians with pension benefits and savings, working past the normal retirement age is often about more than just making money. It's about keeping busy and having a sense of purpose. But people who have worked hard to save for their retirement can find it hard to change their minds. People who are very focused on getting rich may not know what to do with their lives once they hit their goal. This shows why planning for retirement should include more than just setting cash goals. Understanding the emotional and psychological aspects of retirement is essential for creating a fulfilling and purposeful post-retirement life.

As I recently discussed at a roundtable on AI's impact on investing, capturing subjective emotional data alongside market sentiments is becoming crucial for developing personalized strategies that optimize overall wellbeing and fulfillment. The ability of AI to deeply understand each individual's fears, aspirations and motivational drivers allows us to craft retirement approaches aligned with their holistic quality of life - not just their portfolio performance. Empathetic technology facilitates this evolution toward human-centric retirement solutions.

Insights from Our Market Research

"I'm 70 and still working. I don't have plans to fully retire, but I'm worried I'm doing something wrong. Should I be planning differently? What if I can't keep up? What if I'm missing out on a 'real' retirement?"

This question shows the moral questions that older workers today have about retirement. People no longer see retirement as a sudden end, but as a slow start to new opportunities.

A Personalized Roadmap for Your Retirement Revolution

As someone who's spent years studying retirement trends and talking with countless individuals like yourself, I've crafted a roadmap that I believe can help guide you through this exciting new chapter.

1. Redefine "Retirement": Start your next chapter. What story will you write?
2. Harness your superpower: Leverage your decades of experience in ways that energize and fulfill you.
3. Design your ideal week:

• Monday: 9-2 Work, 3-4 Exercise (e.g., Pickleball, Walk with Friends)
• Tuesday: 10-3 Work, 4-5 Personal development (e.g., Cooking class)
• Wednesday: Day off - Cultural activity and social time
• Thursday: 9-2 Work, 3-4 Community service
• Friday: 10-3 Work, 4-5 Self-care (e.g., Massage)
• Weekend: Family time, hobbies, rest

4. Negotiate a "Legacy Position": Contribute on your terms. What's your dream role?

5. Invest in your skills: Learn one new skill every three months to improve your ability to adapt.

6. Prioritize your health:

Allocate $200 monthly for wellness:

• $100 for a monthly massage
• $50 for a balance-enhancing activity like tai chi
• $50 for a nutrition class

7. Create a living legacy plan: This will benefit both you and your loved ones. Start living with no regrets and stay ahead of the curve.

Supporting Your Septuagenarian Family and Friends

As our 70+ family and friends continue to work and engage in various activities, here's how we can support them:

1. Encourage independence: Support their active lifestyle while ensuring safety.
2. Stay informed: Understand their passions and challenges.
3. Promote wellness: Encourage health check-ups and join them in physical activities.
4. Facilitate connections: Help them stay socially engaged, both in-person and virtually.
5. Be patient: Offer reassurance and practical help with new challenges.

Five Easy Questions to Open Communication:

1. What project or task are you most excited about right now? Shows interest in their work and passions.
2. Is there any new skill or hobby you're thinking of exploring? Encourages lifelong learning and growth.
3. How can I support you better in your work or hobbies? Opens the door for them to express their needs.
4. Are there any upcoming events or activities you'd like to attend together? Promotes shared experiences and social connection.
5. What do you enjoy most about staying active and working? Helps them reflect on their motivations and achievements.

By asking these questions and actively listening, you can foster a supportive environment that helps your septuagenarian loved ones thrive in their chosen pursuits.

Share the Septuagenarian Revolution!

Know another amazing septuagenarian who's wrestling with these same questions? Or maybe someone who needs a little encouragement to embrace this exciting new chapter?

Share this newsletter with them! By spreading the word, you're not just sharing information – you're igniting a movement.

References:

https://www.bls.gov/opub/ted/2021/number-of-people-75-and-older-in-the-labor-force-is-expected-to-grow-96-5-percent-by-2030.htm

https://www.ncoa.org/older-adults/money/work-retirement

https://www.transamericainstitute.org/docs/research/generations-age/multigenerational-workforce-life-work-retirement-survey-report-2024.pdf?sfvrsn=ef00c973_8

https://www.agediscrimination.info/news/2018/8/3/aarp-survey-says-age-discrimination-is-common-in-us-workplaces

https://www.uclahealth.org/news/article/older-adults-insomnia-depression

Carla Garcia, CRPC?, CPRC , brings over two decades of financial expertise and a pioneering spirit to the retirement and transition industry. As the founder of MyPlanKeeper?, she combines her deep knowledge of finance with a passion for AI and digital safety to empower individuals. Carla believes in living vibrantly in the present while securing a fulfilling future. She is dedicated to promoting responsible AI use and lifelong learning, helping clients embrace technology with confidence and build lasting family legacies without compromising current happiness.