Are You Ready to Work for 60 Years?
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Here's your Money Briefing for Wednesday, February 22nd. I'm J.R. Whelan for The Wall Street Journal. Traditionally, career timelines have started around the time someone graduates from college, and about 40 years later, those workers are preparing to retire. But now, careers could span 60 years.
The traditional age of retirement worked when people were not living beyond 75. But if you're going to live until 95, it's very hard to have earned enough income up to 65 to support yourself for another 30 years.
So how should someone map out a career path that's likely to last 20 years longer? We'll talk to Wall Street Journal contributor Carol Heimowitz after the break.
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What is the episode about and why might careers stretch to 60 years?
As people live longer, healthier lives, the traditional 40-year career is on its way to reaching 60 years. What does that mean for workers and for companies? Wall Street Journal contributor Carol Heimowitz wrote about this, and she joins me now. Hey, Carol, thank you very much for being with us. Thank you. So, Carol, which age groups does this longer career timeline affect the most?
Millennials, certainly, and all the generations behind them. Roughly speaking, people currently age 40 and younger.
And, you know, a lot of people these days are living longer, healthier lives. But how does that affect those groups' career timelines?
They have to think very differently about it. The traditional age of retirement, somewhere between 60 and 65, worked when people were not living beyond 75. But if you're going to live until 95, it's very hard to have earned enough income up to 65 to support yourself for another 30 years. That is why people have to work longer. They're also going to want to work longer because people who are 70, 75, even 80 today, even today's group, are feeling pretty energetic for the most part, not all, but they have the capability to really contribute.
Okay, so let's talk about how workers in those age groups need to prepare for a longer career. How would it affect, for example, opportunities to get ahead?
In a traditional career, think of it as a ladder. But in The new longer career, the 60-year career, it's a jungle gym. You're going to have to jump rungs, sometimes even go down at times, and then go up again. Already a lot fewer workers expect to stay at a single company all the way through their career. And that trend will only accelerate as careers get longer. After all, few people are going to want to stay in the same job for 60 years. But I think fewer are going to want to stay in the same company because they have more opportunities to try different things. And few companies have shown the kind of loyalty that would encourage such careers.
You know, Carol, just in the past couple of years, we've seen workplace technology change significantly ushered in by the pandemic. But if we're adding 20 years onto a career, that's a lot of tech changes to keep up with, right?
Absolutely. Younger generations in the workforce have to prepare themselves for lifelong learning, including breaks to return to school.
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