Where do older African Americans stand in the workplace in view of the great recession, a rapidly aging population, new technology, and emerging fields of job growth?
AARP recently joined with the National Urban League to convene a roundtable discussion in New York City bringing together more than 75 human resource executives, private and public sector employers, academics, and legislative representatives to ask these questions and discuss their implications for the growing number of older African-American workers.
The discussion came on the heels of the release of an extensive report by the two organizations, which documents the employment experiences and financial well-being of African Americans age 50+.
Overall, African Americans age 50 and over are making a significant contribution to the economy, with 4.6 million workers making up 9.5 percent of the nation's 50+ workforce, and according to the joint study, contributing $160 billion in earnings to the economy. Yet African Americans' growing role in the workplace rubs against some newer realities brought on by today's economy.
At the roundtable, AARP New York also released findings from its Voices of 50+ New York survey, which took a special look at how 50+ African Americans in New York view their financial security and retirement. Forty-nine percent of older African Americans reported that they would delay retirement if the economy does not improve. Of those who planned to delay retirement, 41 percent said they would delay retirement for five or more years and 13 percent expect never to retire.
Overall, the survey showed large gaps between what older African Americans thought they needed and what they expected to have in later life.
Not surprisingly, overall worry about financial issues runs high – with two-thirds worried about how they would manage debt and maintain their finances and lifestyle in retirement.
Health care also tied directly into their financial worries. Eighty percent are worried about having to pay more for health care and 72 percent worry about becoming financially devastated due to health costs.
It is clear that the great recession has taken its toll on everyone and many African Americans will find themselves having to work longer to keep up with rising health care costs and financial insecurity.
And let us remember that we are blessed with a longer life span. For couples retiring, the chances are 50 percent that one person will live to age 92. This means more and more people stand to live for years after they have spent their nest eggs and will have to finance their retirement for a longer period of time.
The end result is that for older African Americans their job is essential to the quality of their life.
As many older African Americans face these financial challenges and have to work longer, workforce development will be critical to helping mature workers update their skills so that they can stay relevant in the workforce.
The joint AARP and Urban League report notes that once the economy recovers, African Americans should be well poised to take advantage of job opportunities, particularly in the health and social services sector, which are expected to create a bounty of new jobs in the coming years.
The study looks to community colleges as a valuable resource for 50+ African Americans in need of additional skills and credentials and encourages employers to consider flexible work options, provide training that emphasizes embracing age diversity in the workforce, and to invest in the skills of older workers by internal retraining, particularly in technology.
The survey is one of several tools that AARP leaders will use on both the state and national level to draw attention to issues facing our members and help workplace practices catch up with today' workplace reality.
To view the full AARP and Urban League report, visit www.aarp.org/olderblackworkers. The AARP New York report can be found at www.aarp.org/ny.
