Is 50 the new retirement age? For an increasing number of people, the answer is “yes.”
According to a recent survey, an increasing number of executives in their 50s are feeling stressed, burned out and discouraged, from overly-demanding workloads. They’re desperate for a better work-life balance and have decided it’s time to choose family and personal life over career.
In fact, according to the Employment Resource Group, almost without exception, workers between the ages of 45 and 55 go through a professional midlife crisis. Those who have plenty of money are choosing early retirement. While those who need to keep working are switching to less-stressful businesses or jobs with less responsibility. And since the clock’s ticking toward retirement, they’re making the switch before they’re considered too old to make a move.
But when executives abandon their high-stress jobs, companies are having trouble finding people to replace them. Because the generations coming up – namely Millennials and workers from generation Y who were born in the mid 80s – don’t want high-stress jobs! After all, they’ve watched their parents struggle for raises and promotions and they know job security is pretty much a thing of the past.
So, they’d rather have flexible hours, and move on when something more interesting – or relaxing - comes along.
So, if you’re in your 50s, and you feel like getting out of the rat race – know you’re not alone. Not by a long shot.