More Seniors Working through Retirement
More and more lately, seniors have been working well passed the required age for retirement. Sometimes it is due to the fact that they simply cannot afford to retire. Unfortunately, many have negatively been affected by our down turning economy. They may have lost their savings in the market and Social Security alone is not enough for them.
However, there is also a large group who has switched careers and feels they are not ready to call it quits yet with their new endeavors. As well, there are others who simply enjoy working and having a busy routine. For those who simply enjoy working, they cannot picture themselves doing anything else. For them, they do not need tons of leisure activities and the best country clubs to occupy their time. They are simply following their passions.
Either way, the trend of working past 65 seems to be here to stay. According to the Vice President of Financial Security for AARP, Jean Setzfand, “The idea of a set retirement age at 65 is changing as companies drop pensions, and people are living longer and staying healthier. Our belief here is we want people to work as long as they desire to do so.” As well, this belief has also been confirmed by the United States Department of Labor. The DOL has seen a big spike in the number of people who work part-time or full-time up until age 75 and older. Currently, 1.2 million or 6.9% of the people working are 75 and up. Comparatively, that rate was just 4.2% in 1990.
