Here’s an excerpt from a report by the Employee Benefit Research Institute (www.ebri.org) where they state that “among those age 65 and older, labor-force participation increased for both males and females. Education is a strong factor in an individual’s participation in the labor force at older ages: Individuals with higher levels of education are significantly more likely to be in the labor force than those with the lower levels of education.”
They continue, “financial concerns are not the only incentives involved here—there also is an increased desire among many Americans to work longer, particularly among those with more education, for whom more meaningful jobs that can be done well into older ages are often available. The recent economic downturn did not alter the trend of older workers increasingly being in the labor force; rather, it appears that this remains the trend, as more opportunities for older workers exist and there is a greater necessity for them to remain in the labor force to accumulate sufficient or adequate resources for retirement. ”
This is excellent news for the insurance industry where an older employee with vast industry knowledge and a network of relationships is invaluable and nearly irreplaceable. Imagine having the opportunity to access that industry expert without having to pay top dollar and on an as needed basis! What a difference it would make to agencies, brokerages, and companies.