While many countries are discussing lowering the retirement age, there has been talk in the United States lately that even after the age of 80, employees do not need money. It is stated that especially mentally strong people make jokes that retirement is boring, but they are secretly afraid of becoming unimportant and being “scrambled” if they quit their job.
Legendary 80-year-old actor Harrison Ford has announced that he starred in the latest Indiana Jones movie. The release of the movie in the past days also ignited a debate: Why do powerful people continue to work even after 80 when they don’t need money?
Harrison Ford is not the only example… 89-year-old Jane Goodall still continues her studies on chimpanzees. The 83-year-old singer Smokey Robinson is still on tour. 80-year-old Joe Biden says he will run for president again, which if elected, he will run until the age of 86.
According to the U.S. Census Bureau, the number of employees over the age of 80 was close to 650,000 last year. There is an 18% increase in this number compared to the previous year. Behind this increase lies high inflation and instability in the stock market. In June last year, the USA saw the highest inflation level in the last 40 years. In addition, some of those who were closed and rested during the pandemic process say that they are resting and can return to working life. There are also those who only want to work in the 18 percent segment.
While working at an older age is a choice for some, it is a necessity for others. Photo: Freepic
Official data, on the other hand, show that the age group of 80 and over mostly works in administrative and financial affairs. That is, the 80-year-old and older group, who do not need money but continue to work simply because they want to, make up a small part of the US workforce and are generally in the top ranks of the workforce.
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Daniel Jaffe, 85, is a famous and wealthy divorce attorney in Los Angeles, co-founder of a law firm. Stating that he loves traveling to attend conferences and the difficulties of the profession, Jaffe says that if these invitations and attention are not given, he will disappear very quickly and says, “This also does not cross my mind. So I missed the turn to retirement, so I continue to work,” he says. He also believes that he has no friends to spend time with when he retires, as most of his peers have passed away.
1.6 percent of the board members of companies in the S&P 500 index are at least 80 years old. The two CEOs are over 80. These names are 92-year-old billionaire Warren Buffett, CEO of Bershire Hathaway, and Robert Mehrabian, 81-year-old CEO of Teledyne Technologies.
On the other hand, signs show that rates of workers are rising after the age of 80. While many companies have set a mandatory retirement age for executives, it is also commonplace to give privileges to key employees.
The Bureau of Labor Statistics predicts that by 2030, the labor force participation rate of workers aged 75 and over will rise to 11.7 percent in the country. This rate was recorded as 8.9 percent in 2020. In other words, the estimates are that the number of employees over 75 in 2020 will increase by 96.5 percent in 2030. Because by 2030, the entire baby boomer generation will be at least 65 years old. This will require recruitment consultants, healthcare professionals and other groups to be more prepared for the over 65s who want or have to stay in the workforce.
The data recently released by the American Census Bureau reveals that the population has aged this much for the first time in the country. Birth rates are falling in the country, the number of people living to 100 years is increasing, resulting in a longer stay in business.
Andree Carlson, 82, works in a bakery chain in Georgia. Saying that he wakes up at 06:00 five days a week, Carlson says that while he was shopping here with the shirt of the patisserie he was working on 1.5 years ago, he came to the manager and offered him a job. Carlson said the new job was a promotion. I asked,” he says. Carlson’s boss, on the other hand, states that he is more patient in such a warm working environment, that he bakes very good biscuits, and that it is not about the salary but the satisfaction he gets from the job because he does not need money.
Sources: The Wall Street Journal, Forbes
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