The line between working and retirement is shifting for many americans ages 50 and older, with some currently or expecting to continue working for pay during retirement
In the U.S., the population aged 65 years and older is growing rapidly. In 2010, these older Americans comprised 13% of the U.S. population. Population projections for 2030 show a marked increase with older adults comprising 19% of the population, which represents an estimated 72 million older adults. Furthermore, the number of older people choosing to remain on the job has been ticking upward since the late 1990s and they now represent the fastest-growing segment in the country’s workforce. By 2020, an estimated one fourth of American workers will be 55 or older, up from 19 percent in 2010.
Older Americans are not only growing rapidly in numbers, but are also becoming substantially healthier. The duration of healthy old-age is increasing, due in part to increases in the length of life and to shorter and later periods of illness. Faced with the expectations of living healthier for longer, older adults may opt to remain in the workforce for longer and defer savings, pensions, and Social Security for older age. Increased workforce participation for older adults has implications for retirement policy, Social Security and health care financing, and the behavior of employers and employees alike.
With funding from the Sloan Foundation, the Associated Press-NORC Center for Public Affairs Research conducted a national survey of 1,024 adults ages 50 and over. This survey illuminates a slow-moving shift in the American idea of retirement. Retirement is not only coming later in life, but for many it no longer represents a complete exit from the workforce. The key findings from the study, summarized below, provide much-needed information on the implications for individuals and the economy of this growing trend toward working later in life. This survey gives a voice to older Americans and contributes to an in-depth public discourse on the issue.
Chosen excerpts by Job Market Monitor. Read the whole story at
Stung by a recession that sapped investments and home values, but expressing widespread job satisfaction, older Americans appear to have accepted the reality of a retirement that comes later in life and no longer represents a complete exit from the workforce. Some 82 per cent of working Americans over 50 say it is at least … Continue reading »
US / Delaying retirement / From 42% in 2010 to 62% in 2012 among workers between the ages of 45 and 60
According to a new report released by The Conference Board, older workers intend to postpone their retirement now more than ever, despite a recovering U.S. economy. Using data from the August 2012 Consumer Confidence Survey, Trapped on the Worker Treadmill? documented a sharp increase in plans to delay retirement among workers between the ages of 45 … Continue reading »
Retirement security for those currently or recently in the middle class is no sure thing. 49% of the private work force has neither defined benefit (traditional pensions) or defined contribution (401(k)) retirement plans, while public sector pensions are coming under increasing attack. The United States has the highest elder poverty rate, 25% (measured as 50% … Continue reading »
“Retirement involves a set of institutional arrangements combined with socio-cultural meanings to sustain a distinct retirement phase in life course and career pathways” writes Leisa D Sargent, Mary Dean Lee and Bill Martin. (Quotes from the Abstract to follow) In this Introduction to the Special Issue: ‘Reinventing Retirement: New Pathways, New Arrangements, New Meanings,’ we outline the historical … Continue reading »
The 2013 edition of the Melbourne Mercer Global Pension Index (PDF), a ranking of national retirement systems around the world, has the U.S. ranked 11th, down two slots from last yearContinue reading »
The current retirement system has left the vast majority of Americans unprepared for retirement says EPI. While high-income Americans have benefitted enormously from the rise of 401(k)s, most Americans are being left behind Continue reading »
In 2013, 22 percent of all workers planned to postpone their retirement Continue reading »
The Damaged Nest Egg: Un/Underemployment Results in Withdrawals from Retirement Funds -A sizeable majority of the un/underemployed (62 percent) are not too/not at all confident that they will be able to retire comfortably Continue reading »
A new report from the National Institute on Retirement Security, based on analysis of the 2010 Survey of Consumer Finances, shows that about 45 percent of all working-age households don’t hold any retirement account assets, whether in an employer-sponsored 401(k) type plan or an individual retirement account Continue reading »
‘In order to address an immediate and long-term funding problem, the Social Security Amendments of 1983 gradually increased the Full Retirement Age (FRA), changed the actuarial adjustment for individuals claiming benefits between the early and full retirement ages, and increased the delayed retirement credit. Together, these changes increase the financial gain to individuals who delay …Continue reading »