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Americans Break Record for Working Past 65

The latest data from the U.S. Bureau of Labor Statistics shows that 18.9% of Americans 65+ are still working, the highest percentage in United States history.

The last time it tapped 18% was in the early 1960s. Then, in 1965, Medicare was established to ensure healthcare protections for Americans reaching retirement age.

According to Bloomberg News, there are numerous factors forcing older
 Americans to work longer. According to a survey by the TransAmerica Center for Retirement Studies, 3 out of 5 retirees said they are working longer because they need money and the benefits.

On the other hand, some workers enjoy their jobs and consider it more challenging than retiring. According to the TransAmerica study, 36% of respondents said they enjoy their job and like the aspect of being “involved.”

Another factor is that Americans are living longer than ever before. 40 years ago, the average life expectancy was 70 years. In 2010, that number increased to 78, requiring Americans to work longer in order to live comfortably in retirement.

While the number of seniors working past 65 hovers at 20%, according to a 2015 Federal Reserve study, 39% of Americans plan to work as long as they are able or simply have no intentions of retiring. 

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