Seniors Working in Retirement

The percentage of Americans age 65 and older who are in the work force is the highest in 55 years. Surveys indicate the percentage will rise in the future if those younger than 65 have it their way. The increase in older Americans in the work force predated the financial crisis but seems to have accelerated after the crisis. This article has details and charts. It also explains why it can be dangerous to assume you’ll be working past 65.

Even after they consider themselves officially “retired,” most Americans are hoping to work a little bit. According to a survey by the Employee Benefit Research Institute, or EBRI, 79 percent of U.S. workers expect to supplement their retirement income by working for pay.

There’s a big problem with these plans. Just because you want to work doesn’t mean you can.

When surveyed, 61 percent of American retirees say they retired sooner than they’d planned. That’s more than anywhere else in the world, according to the 2017 Aegon Retirement Readiness Survey, of 16,000 people in 15 countries. Globally, 39 percent of retirees say they quit working early. Even part-time work may be unrealistic. EBRI finds that just 29 percent of retirees say they worked for pay at some point in their retirement.