More and more older Americans are having trouble getting hired. A new survey shows that employees are wary of taking on new employees if they’re not young enough.
Here are some of the surprising findings.
Question 1: At what age is a person “too old” to work? Almost two-thirds of employers (65%) say “it depends on the person,” compared to 54% of workers. That’s encouraging, but the not-so-good news, Collinson says, is that among employers who cited a specific age when a person is “too old” to work, the median response was age 70—five years younger than age 75—the median age cited by workers. So, there’s a five-year gap.
Question 2: At what age is a prospective candidate considered “too old” to hire? Some 64% of employers say “it depends on the person.” Another 12% are unsure. “The remaining employers say age 64!” says Collinson, alarmed, noting that’s the median response. “This illustrates the opportunity for employers to open their hearts and minds to older workers.”
Most employers offer a 401(k) or similar retirement plan, and that opportunity to save for retirement through work is key to workers’ retirement security. Still, only 54% of workers age 65-plus are offered a workplace retirement plan, Collinson says. Among those who are offered a plan, the uptake is high: 78% participate, and their annual contribution is 10% (median) of pay. Part of the solution is encouraging more employers to offer retirement plans and to extend participation to part-time workers. Among employers that offer a 401(k), only 41% extend eligibility to part-time employees, she says.
Has your age kept you out of the job market? Let us know in the comments.