https://www.axios.com/2024/09/01/workers-retire-career-gen-z-millennialIncreasing numbers of older Americans are putting off retirement, creating career ladder gridlock that is impacting younger workers.Why it matters: As older workers stay in their jobs longer, their Gen Z and Millennial colleagues are often locked into lower-paying, junior-level roles.State of play: The share of U.S. adults aged 65 and older in the labor market has steadily increased since the late 1980s. A 2023 retirement confidence survey from the Employee Benefit Research Institute (EBRI) found that 33% of workers planned to retire at age 70 or older, or never. That's up from EBRI's 2021 survey, in which 26% of workers said the same thing. Declining social security benefits and fewer jobs offering pension plans have contributed to a landscape in which most Americans aren't financially on track for retirement. People generally are living longer and staying healthier as they age. Both play a role in how older workers remain on the job.The big picture: This has contributed to a "tricky situation" on the career ladder "because there are only so many jobs to go around, especially at the higher levels," Colleen Paulson, a career consultant, told Axios.
What they're saying: "If you're not moving up in the corporate ladder because there's no space for you to move, then your earning potential is actually stalled," Jasmine Escalera, a career expert, told Axios. This can cause workers stress and anxiety but also fuel job hopping, she said. "We may end up seeing a ripple effect where younger generations have a hard time increasing their earning potential, which could potentially also impact their ability to retire at a certain age as well," Escalera said.Between the lines: Career ladder gridlock works hand-in-hand with a slowing job market and high interest rates to create a difficult environment for younger workers who want to achieve traditional life milestones, according to Paulson. "I can see how people would delay having kids or delay buying a house because they're not sure if their financial situation can support that, she said.Reality check: The majority of older workers aren't staying on the job longer, Gary Officer, CEO of the Center for Workforce Inclusion, told Axios. A Pew Research Center survey published in December found that 19% of Americans aged 65 and older were employed in 2023. While that's roughly double the share from 35 years ago, it also means that the vast majority aren't employed full-time. "Most of the in-demand occupations in this country [require] a higher level of technological proficiency that skews overwhelmingly towards younger people," Officer noted.
>>1337546this is already a thing in europe, spain has one of the highest % of old people and they just so happen to have highest youth unemployment in europe
56 year old here and there will be no retirement for me. Lost most of my 401K in the 2008 House Bubble, I've never had a job that provides a pension and Social Security will be most likely be bankrupt before I can collect.
>>1337635Give your job up to a 25 year old who won't make as much to help the company.
>>1337638it's not one party or the other. its the wealthy vs everyone else.
>>1337546misread 'gridlock' as something else
>>133763537 here, I’m banking on social security being there.
>>1337679>>1337667>>133763534 here. Two rentals, a fat retirement, and all of it I worked for, was homeless until about the age of 21. I'm not too worried (yet)
>>1337638Except it's the Republicans who fucked up retirements.Man if only the rich were taxed their fair share instead of robbing everyone.
29 here, collecting gibsmedat and will never have to work a day in his life. Get fucked.
Let’s be honest, GenZ and millennials are shit employees by every metric.
