HOUSTON — Why are older workers’ retirement plans causing issues for their younger colleagues?
More and more older workers are putting off retirement, choosing for a variety of reasons to stay in their current jobs, and that has meant big changes to the career ladders for other workers.
According to Axios, millennial and Gen Z workers are sometimes finding themselves locked into low-paying jobs with little to no chance of advancement.
Since the late 80s, the number of workers over the age of 65 has steadily increased. A recent survey found that over 30% of workers plan to retire at 70 or beyond.
The reasons older workers are sticking around include everything from staying healthier longer into old age to lack of retirement funds or pensions.
That means high level jobs are not opening up as often, leaving some younger workers with stagnant careers and stagnant wages. According to the experts, that is causing younger workers to do a lot of job hopping, looking for a way to move up in their careers. For now, there is no clear solution for repairing the career ladder.