Best Expenditures Boomers Should Invest in if They Want To Keep Their Jobs
Written by
Cynthia Measom
Edited by
Brendan McGinley
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Almost half of today’s workers plan to work past 65 or never retire, according to the AARP Foundation. Although boomers — those aged 61-79 — are working longer, staying employed now takes more than seniority.
Older workers shouldn’t allow their employers to consider replacing them. Instead, they should purchase training and equipment to stay competitive and retain their jobs — ideally with company stipends devoted to exactly this purpose, but they should also be willing to spend their own money, if needed.
Paying for Relevant Training
Over 90% of workers over 50 have participated in job training in the past two years, and more than half covered those costs out of pocket, according to a report by Resume Now. Boomers who are interested in additional training should focus on skills that show up often in job listings for their career field.
Keeping Tech Skills Current
Almost 60% of older workers said it’s challenging to keep up with new technology, per the Resume Now report. According to the AARP Foundation, job skills now lose value nearly three times faster than in the past, and technology skills decline even faster than that.
Additionally, workers who are over 50 can expect to need upskilling four to eight times during the next two decades of their career. Boomers should consider spending money on tech skills like cloud-based computing or job-related AI tools to help them stay up to date in their roles.
Paying for Physical AidsÂ
About 30% of older workers say they want work that’s less physically taxing so they can stay on the job longer, per the report. Physically taxing work can include standing or walking for long periods of time, handling and moving objects and making repetitive motions. To help, boomers can invest in more supportive shoes, ergonomic tools, physical therapy or strength training to boost their strength and stamina.
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