Four charts tell the story.
Ben Steverman bsteverman
May 13, 2016 — 5:57 AM EDT
Almost 20 percent of Americans 65 and older are now working, according to the latest data from the U.S. Bureau of Labor Statistics. That’s the most older people with a job since the early 1960s, before the U.S. enacted Medicare.
Because of the huge baby boom generation that is just now hitting retirement age, the U.S. has the largest number of older workers ever.
When asked to describe their plans for retirement, 27 percent of Americans said they will “keep working as long as possible,” a 2015 Federal Reserve study found. Another 12 percent said they don’t plan to retire at all.
Why are more people putting off retirement?
Working longer is great if it is a job you enjoy but for many it is a necessity. Many of us seniors are forced to keep working due to corporate downsizing and only 401K savings to rely on. Would love to retire but after losing a decent job at 58 which I could not replace, count me among the many part-time, underemployed people who skew the employment stats.
From my own observations, I tend to thin that the widespread “need” to work past 65 is due to multiple reasons, but most notably, poor financial planning during younger years. Yes, the economy has been changing, but people for the most part have a habit of wanting to live in the now.
I have always worked hard, but in a profession that doesn’t pay well. This of course affects Social Security payments as well. I did save scrupulously all along and might manage without additional income, but I continue to work part time past age 65 to postpone dipping into my nest egg in case I live for another 30 years and/or suddenly need a lot of money for medical bills. Absence of a crystal ball makes a steady income important.
then what the police, 55 and out please,
the police can work to 60, that is funny that they have 25 and out,