From the very first day on your job many of us think ahead to the end. Not the end of the shift, but the end of working completely. Known as “retirement”, it’s a goal all of us in the workplace hope to arrive in both good health and financially comfortable. The age in which retirement hits however, has been changing. It’s interesting to see these days us people are actually working past our retirement ages.
As of right now, almost 19 percent of people 65 or older were working at least part-time in the second quarter of 2017, according to the U.S. jobs report released on Friday. The age group’s employment/population ratio hasn’t been higher in 55 years, before American retirees won better health care and Social Security benefits starting in the late 1960s.
And the trend looks likely to continue.
There are a variety of factors involved as to why this is happening. Many of us are happily living longer, healthier lives than previous generations allowing us to enjoy working day to day. Others don’t retire because they truly enjoy their work and just want to continue to stay active and useful.
If it’s not health and happiness, the other reason is: financial. Others just need more money to pay for things in their lives that typically cost more money, like rising health care costs. The decline of traditional pensions have also made it more difficult to save.
This particular trend of working while older isn’t just something new in the United States. Globally, workers of all ages are finding themselves retiring at an older age as well.
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.
What are your plans? Is there an early retirement in your future, or would you rather work as long as you can to create a nice cushion of wealth to enjoy?