She Works Hard For The Money
Getting a job in your mid to latter 50s or 60s certainly isn’t easy, but new and somewhat surprising employment data shows the unemployment rate for people 55 and older is now just 3.1 percent, less than the overall unemployment rate of 3.9 percent.
If you’re over 55 and looking for a job, you’ll need to be realistic about what you can expect to earn. In other words: don’t assume you will earn as much or more in your next job than in your last one. Unless, you decide to freelance!
No matter what you call it, this type of work is thriving. Nearly 55 million Americans and millions more worldwide are working in microbusinesses, or freelancing; that’s 35 percent of the U.S. workforce alone.
Working from home as a freelancer offers the opportunity to work full-time or part-time in your pajama’s if you want! The flexibility and income of working as a freelancer can be great for those who already have health care benefits.
In fact, many boomers are working longer because they feel they don’t have enough savings to retire at age 65 and live comfortably. And some are choosing to work longer because they enjoy working.
Freelancing Means Freedom In When And How You Work!
Working from home as a freelancer offers the opportunity to work full-time or part-time in your pajama’s if you want!
The flexibility and income of working as a freelancer can be good for those who already have health care benefits. Or can purchase benefits inexpensively through the marketplace.
No matter what you call it, this type of work is thriving. Nearly 55 million Americans and millions more worldwide are working at home telecommuting, or freelancing; that’s 35 percent of the U.S. workforce alone.
Why do companies use freelance workers instead of hiring a full-time employee? Some work with freelancers when they have a project that comes up infrequently and therefore doesn’t require a full-time or part-time permanent employee.
According to The Bureau of Labor Statistics those age 65 and over will experience the fastest rates of labor force growth by 2024.
If freelancing continues to grow at its current rate, the majority of U.S. workers will be freelancing by 2027, according to projections in the Freelancing in America Survey.
The Gig Economy
According to AARP between 2005 and 2017, the percentage of people age 55 and older working as independent contractors, freelancers and other types of on-call workers grew significantly.
The share of these workers who were ages 55 to 64 rose from 18.8 percent in 2005 to 22.9 percent in 2017. For those ages 65 and older, the share climbed from 8.5 percent to 14.1 percent.
In total, the share of 55-and-older workers accounted for 37 percent of all independent contractors in 2017, up nearly 10 percentage points since 2005.
The gig economy proves that independent contract work is much more than something to do between jobs. It can be a full-time career. The future of work is here. And for millions of freelance workers 55+, the future is looking pretty good.