Work

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I’m starting a business so success at that is my biggest goal.

Female, age 58, in response to being asked what goals do you have.

Work and the workplace are significant social determinants of health¹ and well-being and can provide social contacts and a way to stay active physically and mentally. On the other hand, work can be stressful, physically demanding, or sedentary. As such, the effects of work on well-being are mixed and dependent on the individual and the type of work they have. On the job, older workers seek flexibility and growth. They want to feel valued, respected, and included — all important elements of well-being. Topics related to work and well-being include:

• Desired job characteristics
• Working longer

Desired Job Characteristics

Older workers seek a workplace that respects them and a job that provides them with meaning.

More than nine in ten workers 50-plus say that before accepting a new job, they would require a boss and co-workers that treat them with respect, a workplace where age is not seen as limiting their ability to do their job, and work that is meaningful.²

Older workers are overwhelmingly looking for an opportunity to use their skills and talents.

An easy commute, competitive pay, stability, and flexibility are also top considerations. Workers 50–64 are more likely to require stability, benefits, and full-time work, while workers 65 and older are more likely to require flexibility and desire part-time work compared to their younger counterparts.

Factors such as healthcare benefits or insurance, retirement savings plans, paid time off for caregiving, and parental leave are notably more important for multicultural adults 50 and older,³ perhaps due to the disparities they encounter concerning these areas.⁴

The pandemic caused most workers to re-evaluate their work–life well-being.

In fact, more than six-in-ten workers 50-plus say they have tried to slow down and relax and nearly six in ten (57%) have reprioritized how work fits into their life. Black/African American, Hispanic, and Asian American or Pacific Islander workers 50-plus as well as workers 50-64 are more likely to have modified their behavior or shifted their approach, reflecting the pandemic’s impact on their work.

While comfort, security and enjoyment are the most common reasons to stay in a job, many multicultural adults 50 and over also stay for the benefits.

Half of Asian American or Pacific Islander, Black, and Hispanic adults 50-plus report their need for benefits as a reason for staying in their current job,⁵ underscoring the potential sense of obligation to continue working for their current employer. According to a Gallup study, Black adults, regardless of age, were more likely than their White counterparts to stay in an unwanted job for health benefits.⁶

Stress and burn-out are more prevalent among workers approaching age 50 but are not uncommon among those in their 50s as well.

Two in five workers in their 50s compared to half of workers in their 40s say they feel stressed too much of the time. The same proportion feel burnt out. This compares to one in five workers 60-plus.⁷ This may relate, at least in part, to workers 65 and older being more likely to work part-time.

Working Longer

On average, older adults are working longer than they have in the past due to changes in society, culture, and health and longevity, but opportunities to work longer are not equally distributed.

The percentage of adults 65 and over who are working has increased from 11% in 1987 to 19% in 2023.⁸ Further, estimates show that the average age of retirement has increased by about four years since the 1990s.⁹ Presently, those 55 and older make up almost a quarter of the labor force (23%), compared to 14% twenty years ago¹⁰ driven by population growth and longer working lives.

Reasons for working longer include increases in the Social Security full retirement age, which determines when workers can receive full benefits, employer-based retirement plans shifting to defined contribution plans and away from defined benefit plans, which encouraged retirement at a specific age, the changing nature of jobs away from those that are highly physically demanding, a more highly educated workforce, and a healthier workforce with longer life expectancies.^11,12 Changing societal norms may also influence attitudes about work, with research showing that both financial and non-financial reasons inform the decision to continue working, such as work providing engagement and a sense of purpose.

However, age-based discrimination may be a barrier to working longer or finding employment for those who are unemployed. (See Attitudes Towards Aging and Ageism) Fourteen percent of workers 50-plus indicate that they did not get hired for a job they applied for in the past two years because of their age.¹³ Older workers are also more likely to face long-term unemployment than their younger counterparts.

Further, the average retirement age of about 62 is still before full retirement age, with about a third of retirees having retired earlier than desired largely due to health. Workers with lower income are more likely to report retiring earlier than they wanted,^14,15 meaning workers who have greater financial need may be more likely to face health challenges or be in more physically demanding jobs, making it harder to keep working. Despite having less financial resources, Black adults are more likely to retire earlier due to a health problem or disability.¹⁶ Thus, deepening financial disparities related to working longer and retirement are a concern.

Key Takeaways

• Older workers prioritize workplaces that value them and offer meaningful roles, highlighting the importance of job satisfaction and purpose in later stages of professional life. While older adults are working longer due to societal changes, health and wealth disparities related to extended employment exist, particularly concerning age, race, and employment type.

• Aside from job security and enjoyment, comprehensive benefits like health insurance and retirement plans are essential especially for multicultural adults 50 and above, influencing their job decisions significantly.

• The COVID-19 pandemic prompted a reassessment of work–life well-being for many workers, particularly multicultural adults, with a majority adjusting their priorities and behaviors accordingly.