Private Funds: Part-Time Work
For Some Seniors, a Part-Time Job Can Help Cover Expenses
- Ways to Pay for Assisted Living
- - Private Funds for Assisted Living
- - Private Funds: Social Security Benefits
- - Private Funds: Annuities
- - Private Funds: Lines of Credit
- - Private Funds: Reverse Mortgages
- - Private Funds: Part-Time Work
- - Private Funds: Trusts
- - Private Funds: Life Insurance
- - Life Care Funding
- - Long Term Care Insurance
- - Medicare Supplemental Insurance
- - Veterans Benefits
- - Disability Benefits
- - Section 8 Housing
- - Medicare
You're retired and realizing that Social Security and other sources of income do not pay for the assisted living of choice. What do you do? Do you get a part-time job? Or is it better to work full-time to earn the extra income needed to pay for a preferred lifestyle?
If you're deciding whether to work or not work, know that you're not alone in the dilemma. In a study by AARP, three percent (3%) of retirees say they receive significant income from continuing to work in retirement. And a whopping twenty-one percent (21%) of retirees work part-time. This could be you!
More retirees less than 70 years of age, (5%) receive a significant amount of income from a job than those over age 70 and older (2%). So, if you are under 70, it's better to start working part-time now rather than later.
Seniors in the WorkForce
The good news is - companies recognize that older people are an important part of the U.S. workforce. They believe older Americans bring experience, leadership, and skills to a variety of jobs.
But the type of jobs older workers and retirees seek are different today. Even for the people who need the money, it's important they feel a fit, a deeper reason for working. If the work is not satisfying, older employees seek another one or leave the workforce altogether - to become an entrepreneur.
According to the Sloan Center on Aging & Work at Boston College, "Working in Retirement - a 21st Century Phenomenon", it's the non-financial objectives that motivate older people to work.
(The study's findings, based on 2008 research, did not reflect the full impact of the recession. If it did, the number of older employees driven to work would be even higher today. At that time, 75 percent of workers age 50 and older expected to have retirement jobs. "Some scholars anticipate that we are witnessing a new cultural phenomenon related to aging and work-specifically that working in retirement is becoming the 'new normal,'" the study confirms.)
The researchers in the study asked people age 50 and older the reasons for continuing to work in retirement years. Here are the top 10 reasons they give:
- Keep earning money to retire more comfortably (53 percent).
- To work and avoid boredom (31 percent).
- Current income from other sources is not enough (18 percent).
- To feel productive, useful, and helpful (18 percent)
- Have a job that is fun, enjoyable (15 percent)
- To interact with people (13 percent)
- Remain physically/mentally active (12 percent)
- Get health insurance (6 percent)
- Pursue a dream: I have a job doing what I want to (6 percent)
- Learn new things (2 percent)
If you're an employer, looking to hire older workers, you'll need to develop flexible workplace practices that better match with the desires of the people you hire. Older workers want more control over when and where they work.
Several employers have joined with the American Association for Retired Persons (AARP) to attract older workers for needed expertise and skills. Find them on the AARP website,
Top Ranking Companies that Hire Older Workers
Home Depot specializes in hiring seniors. The world's largest home improvement specialty retailer is looking for people older than 50 who have experience and licenses in plumbing, electrical work, or general contractors. A retiree can receive full and part-time benefits, tuition reimbursement, and a job with growth opportunities.
Borders Group hires seniors. The company is seeking employees for full and part-time bookseller positions. There are other positions available in management and in-store. Borders Group offers benefits for full and part-time workers, employee discounts, flexible training, a flexible work schedule, job sharing, and internships and apprenticeships.
CVS Pharmacy is another ranking high in employment for seniors. There are openings in management, for pharmacists, pharmacy technicians, in logistics, for photo lab supervisors and technicians, and for entry-level store associates. The company has benefits for full and part-time employees, discounts for employees, flexible training, flexible work schedules, a 401K, job sharing, and internships and apprenticeships.
Walgreens concentrates hiring seniors. The company seeks people to fill positions in store management, for corporate positions, in information technology, and distribution. They have openings year round and offer benefits for full and part-time workers, employee discounts, flexible training and work schedules, a 401K, retirement benefits, and internships and apprenticeships. The company has seasonal and temporary work too.
Toys R Us and Babies R Us
Toys R Us and Babies R Us hires seniors. It is one of the most recognized and popular brands in the world. They offer competitive pay and generous benefits; employee discounts, flexible training, a flexible work schedule, sometimes a 401K, sometimes job sharing, and sometimes internships and apprenticeships. Seasonal and temporary work is also available.
Staples employ seniors too. Because Staples believes it offers the world's best office products, it feels it must attract friendly and courteous and knowledgeable employees. There are a variety of positions in management. They offer benefits to full and part-time employees, employee discounts, flexible training, flexible work schedules, a 401K, and internships and apprenticeships. Seasonal and temporary work is also available.
Goodwill helps seniors find work, develop new skills and talents, and build their financial security by taking advantage of the Senior Community Service Employment Program. It is an on-the-job training and employment program designed to help those aged 55 and older update their jobs skills, build work experience and confidence, and continue to have economic security and well-being.
Check out the full list of Best Employers for Workers Over 50 Winners from the AARP.
Other Sources to Find Work
While more 50-plus workers want to find a job, senior job opportunities are not keeping pace. That's where online organizations stepping up to help. Here are a few to check out:
SeniorJobBank.org brings employers and qualified older job seekers together. They have seasoned and experienced experts and workers.
Workforce50.com provides information and resources helpful to boomers, seniors and experienced workers to find jobs and make career changes, provoke new ways of thinking for both job seekers and employers, and advocate for the hiring of older or more experienced workers.
Seniors4Hire.org is a nationwide online Career Center for businesses that value a diverse workforce and recruit the 50 and older, including retirees and senior citizens.
Life Reimagined assembled a team of thought leaders and experts who understand how to help experienced adults navigate life transitions and change: Find a Job and Manage Your Career.
Employers find older workers to have a good work ethic and quality experience, knowledge, and job stability in the workplace. Older workers are reliable in a crisis. These attributes make older people desirable workers in the service-oriented economies.
After seven years of helping her aging parents, Carol Marak has become a dedicated senior care writer. Since 2007, she has been doing the research to find answers to common concerns: housing, aging and health, staying safe and independent, and planning long-term.
- Private Funds for Assisted Living
- Private Funds: Social Security Benefits
- Private Funds: Annuities
- Private Funds: Lines of Credit
- Private Funds: Reverse Mortgages
- Private Funds: Part-Time Work
- Private Funds: Trusts
- Private Funds: Life Insurance
- Life Care Funding
- Long Term Care Insurance
- Medicare Supplemental Insurance
- Veterans Benefits
- Disability Benefits
- Section 8 Housing
- What is Assisted Living?
- Who Lives in Assisted Living?
- Services Provided
- Staff and Administration
- Quiz: What type of care is right for me?
- Talking to a Parent
- Assisted Living Costs
- Ways to Pay for Assisted Living
- Putting Together a Financial Plan
- If You Can't Afford Assisted Living
- Planning Your Social Security to Better Pay for Retirement
- Prescription Drug Assistance
- Choosing an Assisted Living Facility
- Moving Out of the Family Home
- Moving Into an Assisted Living Community
- Resident Activities
- Resident Health
- Medication Management and Adherence Education
- How Tech Advanced are Facilities?