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. Share This Article:
|