A study has found that changing your job when you are in your 50s is likely to lead to a longer career compared to those who remained in the same occupation.
The study entitled "How Job Changes Affect Retirement Timing by Socioeconomic Status" by Geoffrey T. Sanzenbacher, Steven A. Sass, and Christopher M. Gillis aimed to determine how changes in occupation affect the length of a worker's career. The results of the study as published on the website of Boston College's Center for Retirement Research suggest that workers who change their jobs are likely to continue being in the working environment at the age of 65 compared to those who do not.
According to the chief executive officer of career transitioning firm Challenger, Gray & Christmas, John Challenger, there is always risk involved when it comes to changing jobs, reports CNBC. The risk is especially higher for seasoned individuals who may face discrimination due to their age.
He added that the current job environment, however, has a low unemployment rate. Moreover, it is able to offer more flexible hours and part-time jobs for people looking for it compared to the situation in the previous five years.
Indeed, many workers expect to work even in retirement as found by a survey conducted last year by Transamerica Center for Retirement Studies, writes CNBC. For instance, 13 percent want to pursue an encore career, 12 percent want to remain in their field, while 11 percent stated that they would like to start a business.
CNBC also writes that according to the 2016 survey, the reasons why workers would be working in their retirement are due to the facts that they need the earned income and cannot afford to retire. The career length study can shed some light on the worries of retirees.
In other news, if you are worried about retirement, here are some points to go over to ensure it goes smoothly. For more retirement-related articles, follow Jobs & Hire.