I’ll Never Retire!
26 May 2016
Believe it or not, we hear this more than ever from the people we speak with and the statistics seem to back this up. In 2000, about 11% of Americans worked into retirement. Today, it’s almost 20% and going higher according the the U.S. Bureau of Labor Statistics. Today, the US has the largest number of older workers ever. A 2015 Federal Reserve study found that 12% said they don’t plan to retire at all. Here are a few reasons why this is occurring:
*They need the money: three in five retirees said making money or earning benefits were the main reason (Transamerica Center for Retirement Studies)
*They like their jobs: 36% said they want to “stay involved”. Those with college degrees tend to work later than those without
*Employers want some older workers to stay around
*Older Americans are healthier and living longer
(c) Bloomberg Graphic
It’s also possible older Americans simply get bored with retirement. Whatever the reason you go back to work, make sure it’s because you WANT to, not because you NEED to.