It’s been decades since the American workforce has seen so many seniors.
In April, 19 percent of Americans age 65 or older were working, the Associated Press reports, citing recently released government data. That figure has not been that high since 1962.
The share of seniors who still are employed has been rising since 1985, when it sank to 10 percent, according to the AP.
This trend could be considered good or bad news, depending on why someone continues working at age 65 or older. The AP explains:
“As America grows older and as life expectancy gets longer, some workers keep heading to the office because they like it and still feel engaged. But many others are continuing to work for a simpler, darker reason: They can’t afford not to.”
This comes as little surprise to us here at Money Talks News. Just in recent months, we’ve reported that:
- 30 percent of workers age 60 or older plan to retire at age 70 or older.
- 74 percent of folks underestimate how much money investment professionals suggest folks save up for retirement.
- 24 percent of workers have less than $1,000 in household savings and investments, excluding the value of their primary home and any defined-benefit plans such as pensions.
As we note in “Ready to Rescue Your Retirement in 2017? Here’s How,” polling and research show a quiet crisis underway for retirees and people saving for retirement. The article, which details 10 ways to get your retirement plans back on track, continues:
“Not all of this problem is within our control. But much of it is, though, which means that hard choices are ahead.”
For many workers, those hard choices will include delaying retirement — joining the rising number of seniors who continue reporting to work at age 65 or older.
If you’re among this type of worker, check out “How a Late-in-Life Career Change Can Boost Your Fortunes.” It turns out that folks who voluntarily switch careers in their 50s tend to work longer.
You might also be interested in “10 Jobs With the Biggest Share of Senior Workers.”
At what age did you retire, or at what age do you expect to retire? Sound off below or on our Facebook page.