The economic downturn that hit the nation in 2008 as well as the tendency for people to live longer and healthier lives than ever before have both contributed to a tendency for employees to choose to stay in the workplace longer, delaying their retirement.
By 2024, about 25% of the workforce is projected to be over the age of 55. That compares to only about 12 percent of the workforce in 1994. In fact, in some workplaces, 55 doesn’t even begin to signify time to retire. Those in their 60s, 70s, and even 80s also are deciding to stay in place either full time or part time. This trend has resulted in a new phenomenon: more generations in the workplace. In fact, today, many workplaces are composed of five generations: