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Two stories of employees avoiding retirement to continue working caught my eye this week.
They couldn’t be more different.
First, we have the legend that is Charles Barkley, NBA hall-of-famer turned analyst and co-host for broadcasters including TNT and CBS Sports. In June, Barkley announced the 2024-25 NBA season would be his last in broadcasting, having previously signed a ten-year contract with TNT in 2022.
“I ain’t going nowhere other than TNT. But I have made the decision that no matter what happens, next year is going to be my last year on television,” he said on NBATV.
But contrary to this rather final message, Barkley canceled his retirement plans on Tuesday this week, confirming he would see out his ten-year contract. “This is the only place for me,” he said. “I have to say … I’ve been impressed by the leadership team who is fighting hard.” Quite the turnover.
And then we have the rather less high-profile story of Edward Eubanks, an 82-year-old McDonald’s employee in Las Vegas, Nevada who told KSNV that he continues to work because he simply cannot afford to retire.
Why should employers support employees approaching retirement?
The two examples couldn’t be more different. With Barkley and TNT, we have an employer doing what they can to support an employee facing the tricky challenge of knowing when to step away from doing the work they love.
Having already retired from one career, Barkley no doubt knows how difficult it can be for someone to adjust to life without the routine of a job they love and are brilliant at. And while there’s obviously a major commercial incentive for TNT to keep Barkley around, it’s not unusual for (sports) broadcasters to ditch their commentators and analysts in favor of fresh talent.
TNT has fought to keep Barkley, even as he approaches the twilight of his broadcasting career, and it’s something that other employers can learn from.
Nearly 80% of older workers have experienced or witnessed age discrimination, and many employees approaching retirement may fear that they have to step away from their jobs if they are made to feel they do not have the skills or cognitive ability to keep up with their younger counterparts.
This may be contributing to the ‘unretirement’ trend, with 1.5 million retirees re-entering the US workforce between 2020 and 2022. How many of these people retired feeling it was time for them to step down, only to realize they had more to give and more to gain from work?
Employers should work closely with staff approaching retirement to make sure there is a transparent, supportive, and continuous conversation about when the right time for retirement is. The outcome may be that the time is right for the employee to plan for their exit from the workforce; but, as with Barkley, the conversation could be the reassurance or confidence boost they need to continue their career and avoid withdrawing from work before they are ready.
Financial education & support are crucial for supporting employees with retirement
Although some retirees are returning to work for satisfaction or to keep busy, Eubanks’ story hints at another major factor driving the unretirement trend: Poor financial health leaving many Americans unable to fully retire.
Eubanks has worked at McDonald’s for 15 years and previously had a career at the Nevada National Security Site after serving for the US Army in Vietnam. But despite decades of work, he has never been able to save or invest in his retirement.
He’s not alone. About 25% of seniors have no retirement savings, and a Prudential 2024 study found Americans are “critically underprepared” for retirement. The report found that 67% of 55-year-olds surveyed said they fear they will outlive their savings.
McDonald’s said they are “grateful” to have Eubanks on the team, and they aren’t solely responsible for the fact an 82-year-old employee is having to work to make ends meet years after the retirement age.
But his career is an example of how a lack of financial education and support can hurt employees when they retire. Thankfully, the cost-of-living crisis in recent years has brought at least one silver lining with an increase in the prevalence of financial wellbeing programs. More support is needed for employees to build savings throughout their careers and to know how to manage their finances when they reach retirement age.
Whether it is through giving workers the confidence they need to continue work, or the financial tools they need over their career to save and plan for retirement, this is all about empowerment. Each employee deserves the choice between hard-earned retirement without financial fears, or being like Barkley and saying on their own terms: “I ain’t going nowhere!”
