Almost half of U.S. employers say they’re looking forward to their boomer workers’ extended careers as older employees continue working past age 65, a report released Tuesday by BMO Retirement Services found.
Some of those benefits include a work force with demonstrated value and accumulated knowledge, especially when it comes to a particular knowledge set, Todd Perala (left), director of relationship management for BMO, told AdvisorOne on Thursday.
Just 4% of employers said their employees’ longer careers would have a negative effect on the company, compared with 45% who said their company would benefit.
“Employers might prevent the opportunity to grow talent among younger workers,” Perala said. “There’s also the potential that, if a significant percentage of the work force is older, they may have more of a tendency to use medical benefits.”
What Your Peers Are Reading
The majority of surveyed employers expect at least 30% of boomers will continue working past retirement age. Almost one-quarter of respondents expect more than half of boomers to do so. A June survey of 2,000 people between ages 23 and 82 by TD Ameritrade found 80% of workers expect to continue working in retirement, and a quarter of retirees returned to work.