Christians believe that God is their refuge and strength, an ever-present help in trouble and times of uncertainty (Psalm 46). This bold declaration is as true today as it was when it was written centuries ago, and is a great source of comfort and strength as younger and older workers alike observe several emerging retirement planning realities:
· Demographics. As the members of the “baby boom” generation — people born between 1946 and 1964 — approach retirement, the demographic profile of the U.S. workforce will undergo a substantial shift: a large number of older workers will be joined by relatively few new entrants to the labor force.
· Longevity. The number of senior citizens is skyrocketing. The United Nations reported that as recently as 2002, 10 percent of the world's population was 60 or older. By 2050, that percentage is expected to increase to 22 percent (larger than the percentage of children ages 0 to 14).
· Medical Advancements. Medical and Technological advancements such as better medicines, cell phones, and scooters have improved the mobility and activity of older people compared to previous generations.
· Employer Needs. Companies are using more part-time workers as well as independent contractors and consultants to reduce costs and maximize flexibility. These positions often fit the needs of both retirees who desire temporary work, but also suit the employers who value dependable, experienced help.
· Lower incomes. Low yields on certificates of deposit made it challenging for seniors to live off the interest from their savings. Stock market fluctuations have also eroded the asset bases of many retirees, prompting many to return to work to supplement their incomes.
Source: Congressional Research Service and Faith-Based Family Finances.
Would you like some Christian perspective on your retirement planning? Request a FREE copy of “Let God Make your Retirement a Re-Firement” by simply contacting Rachael Neal from Holland Rescue Mission at (616) 396-2200 ext. 425 or rachaeln@hollandrescue.org
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