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In an age where automation and technology are reshaping the workforce, job security is becoming an increasingly rare commodity. This is especially true for those in their forties and beyond. The rapid pace of technological advancement is not only changing how we work but also who gets to keep their jobs. If you haven't yet faced the brunt of this shift, you might be next. Here's why you need to start thinking about your retirement now, even if you're still in your prime working years.
The Rise of Automation: A Global Overview
Automation and artificial intelligence (AI) are transforming industries across the globe. According to the World Economic Forum's "Future of Jobs Report 2020," automation will displace about 85 million jobs worldwide by 2025. At the same time, it is expected to create 97 million new roles. However, these new roles will require different skills, and the transition may not be smooth for everyone.
Older workers, particularly those in their forties and fifties, are more vulnerable to job displacement due to several factors:
Skill Gaps: Many older workers may lack the technical skills required for new roles created by automation.
Ageism: Despite being illegal in many countries, age discrimination remains a significant barrier to employment for older workers.
Retraining Challenges: The learning curve for new technologies can be steep, making it harder for older employees to adapt quickly.
Global Financial Insecurity Among Older Workers
The financial implications of job displacement are severe. Across the globe, many retirees find their pensions insufficient to cover basic living expenses. Here are some eye-opening statistics:
United States: The average Social Security benefit is approximately $1,500 per month, while the average rent for a one-bedroom apartment is over $1,600. This leaves little to no room for other essential expenses like healthcare, food, and utilities.
United Kingdom: The average state pension is around £700 per month, whereas the cost of living in cities like London far exceeds this amount.
Australia: The average Age Pension is about AUD 850 per fortnight, but living costs, especially in metropolitan areas, are significantly higher.
India: The situation is equally concerning. The average monthly pension under the Employee Pension Scheme (EPS) is about ₹1,000 to ₹3,000, while the cost of living continues to rise. Many retirees in India rely heavily on their savings and family support, but with increasing life expectancy and healthcare costs, this is often insufficient.
The gap between pension benefits and living costs is not unique to these countries. It is a growing concern worldwide, leading to an increase in financial instability among older adults.
The Rise of Senior Entrepreneurs
With traditional job opportunities dwindling, many older adults are turning to entrepreneurship. According to the Global Entrepreneurship Monitor, in 2012, 54% of new businesses were started by people over 50. This trend underscores the necessity for older workers to create their own employment opportunities when the job market doesn't offer them. Starting a business later in life comes with its own set of challenges, but it also offers several advantages:
Experience: Older entrepreneurs bring a wealth of experience and knowledge to their ventures.
Networks: They often have well-established professional networks that can be leveraged for business growth.
Financial Stability: Many have some level of financial stability that allows them to take calculated risks.
The Harsh Reality of Financial Insecurity
Despite these entrepreneurial efforts, financial insecurity remains a critical issue. Over 60% of employees globally live paycheck to paycheck, leaving little room for savings or retirement funds. Recent years have seen a significant increase in bankruptcies among seniors, driven by inadequate savings and rising living costs.
Preparing for the Future: What You Can Do
If you're in your forties or older, it's crucial to start planning for retirement now. Here are some steps you can take:
Enhance Your Skills: Invest in learning new technologies and skills relevant to the evolving job market.
Save Aggressively: Increase your savings rate to build a more substantial retirement fund.
Diversify Income Sources: Consider part-time work, freelancing, or starting a small business to diversify your income.
Plan for Healthcare: Ensure you have a solid plan for healthcare costs, which can be a significant expense in retirement.
Seek Financial Advice: Consult with a financial advisor to create a robust retirement plan tailored to your needs.
Embrace New Opportunities
If you're adaptable, have a computer, smartphone, and internet access, there are numerous online programs that offer opportunities to earn a substantial income. Some programs allow you to make 100% commission and get daily pay while working just a few hours a day. These opportunities can provide financial stability and flexibility, making them an excellent option for those nearing retirement.
Conclusion
The impact of automation and technology on the job market is undeniable. As these forces continue to shape the future of work, it's essential to be proactive about your retirement plans. By staying informed, enhancing your skills, and exploring new income opportunities, you can secure your financial future and enjoy a comfortable retirement. Don't wait until it's too late—start planning today to get retired before you are fired.
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📃 About Vandana Nanda
📖 My Story : The Journey Thus Far
Vandana Nanda, is the Founder and CEO of Winbrand Academy, an Online Personal Branding and Digital Marketing School.
After working in the corporate world with IT and Education companies for over two and a half decades, Vandana decided to venture online in 2020 on a full time basis.
Working online with Time Freedom and Financial freedom has been a long cherished goal for her. Vandana has travelled the world and experienced both extremes of life , going from being a successful corporate executive and a homemaker to being a single parent and bringing up two young children while also focusing on a full time corporate job.
She has been able to bounce back, learn new skills and continue on her path to achieving Financial and Time Freedom. She has made it her mission to achieve financial freedom herself and also help thousands of people across the globe to find financial freedom by doing what they love. Through Winbrand Academy ,she is helping Entrepreneurs, Small Business Owners, Real Estate Agents, Insurance Brokers, Authors, Actors, Musicians, Lawyers, Teachers, Industry-Specific Professionals, and of course, people with a specific Passion from around the globe brand themselves.
Vandana’s purpose is to help people brand themselves as Leaders and Authorities in either their specific niche or in whatever their passion is while creating an income doing what they love.
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