More Working Past 65, Revising Retirement Expectations
May 29, 2012
More Americans than ever are working past the age of 65, according to Labor Department statistics cited by The New York Times. As longevity and health care improves, and as the economy remains tight, more Matures, along with the leading edge of the Baby Boomers, are deciding to stay on the job. Employment among every age group above 65, including those above 75, has risen steadily.
The ranks of the 65+ in the workforce swelled noticeably in the last year as the first Boomers reached the traditional retirement-age milestone. “The fact of the matter is that this aging-but-not-yet-aged segment of the baby boomer class can’t afford to retire,” said an economist at Canadian firm Gluskin Sheff. Meanwhile, employment among all younger generations, including Boomers under 65, has declined over the same period.
In a related Gallup survey, the average age of expected retirement has risen to its highest level ever at 67. By comparison, most people surveyed expected to retire at age 63 as recently as 2003 and in 1996 the expected age of retirement was 60.