Job Market Sees Healthy Increase

Working in retirement used to mean getting a job as a Wal-Mart greeter or perhaps opening your own small business. Nowadays, retirees are increasingly working as caregivers.

Just when you think it’s time to kick back and having someone take care of you, you could be taking care of someone else.

Today, plenty of 70-year-olds are taking care of their parents living into their 90s. Given the combination of changing demographics and demand for job growth in the U.S. (and around the world), the health care and assisted care sectors stand poised for the largest employment gain.

According to a recent report by the U.S. Department of Labor, jobs in home health care services are expected to rise by 4.8 percent between now and 2024 — the biggest growth rate among all industries. In fact, the top three industries in terms of employment growth are home health care, health care practitioner and personal care (consumer products used in personal hygiene and for beautification). 1

These sectors are expected to overtake the state and local government sectors as well as the professional and business services sectors, becoming the largest employing major sector during the next decade, representing about one in four new jobs. The home care service industry includes jobs as caregiver companions, certified nursing assistants (CNA) and home health aides (HHA). A state CNA or HHA license may be required for skilled roles; however, there are plenty of jobs available for caregiver companions without state certifications.2

In terms of your own planning and budgeting, bear in mind that medical services are projected to continue growing as a share of personal expenses, representing 18 percent of consumption in 2024.

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1U.S. Department of Labor. Dec. 8, 2015. Employment Projections: 2014-24 Summary. Accessed Jan. 6, 2016.
2Ibid.
3U.S. Department of Labor. Dec. 8, 2015. Employment Projections: 2014-24 Summary. Accessed Jan. 6, 2016.

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