Take This Job And Love It

A new study by the Conference Board found that US workers are working longer and retiring later since the mid 1990s, but the recent recession put even greater pressure on workers to stay on the job. Not only did the downturn slice away at retirement funds, but the decline in housing prices encouraged workers to stay put. Workers in states where home prices suffered especially large slumps (such as California, Michigan, Florida, Arizona) were more likely to delay retirement than those in states with lessened effects on home prices. The delayed retirement also affected the demographic distribution within the US. With fewer individuals retiring, the net migration to popular retirement states like Florida and Arizona declined.

The study also found that mature workers in high-paying occupations were much more likely to delay retirement than workers in low-paying ones. Those in higher-paying jobs tended to hold higher financial expectations for their retirement years. Also, high-paying occupations tended to have limited physical requirements, making it easier to continue working. For companies seeking to reduce headcount, slash labor costs, hire new workers, or promote younger workers, delayed retirement could be viewed as an impediment. However, delayed retirement also means less turnover and more workers loving their job, not leaving it, and thus providing relief for several more years in industries that will ordinarily suffer significant 'brain drain' from retiring baby boomers.