Why Americans Aren’t Retiring at 65 Anymore
Nowadays, most of American age 50 and older plan to work past 65 or already have stayed in the workforce.
According to a study by The Associated Press-NORC Center for Public Affairs Research, the study found that a quarter of those who haven’t retired say they never will, and a majority of these older workers will continue to pursue new opportunities in the later stages of their careers.
A majority of older Americans surveyed by the Transamerica Center for Retirement Studies said having an income and having benefits were the main reasons they delayed retirement.
Here are the specific financial concerns individuals had:
-36% needed the income.
-23% needed the health benefits.
-22% hadn’t saved enough for retirement.
-10% had anxiety over their financial situation.
-9% found that Social Security and government benefits were less than expected.
-8% were recovering from financial setbacks.
-6% discovered that employer retirement or pension benefits were less than anticipated.
So, money is not the only reason to work past the 65. Almost half of older people said that they retired later than planned for the enjoyment and to stay active.
Also, people are healthier and living longer. Because of longer life expectancy and healthy life style, seniors have become stronger and they can work longer.
In addition, jobs are more flexible. With advances in technology, there are many jobs that can work from home. Working remotely can help you to stay in job market even you past the average retirement age.
Moreover, some people continue working because they are not enjoying retirement as much.