More people than ever are working full-time beyond the age of 65, traditionally considered the time of life when one steps away from the 9-to5 daily grind.
But with people living longer and traditional pensions going the way of home telephone land-lines which are being exchanged for cell phones for the elderly seniors, more Americans are continuing to work past the age that years ago was considered the time for fixing up the empty-nest or heading out on months-long cruises.
The financial crisis and Great Recession may have slowed down many retirement plans, but that’s just one factor in a trend that has been developing for many years.
As of September, 60 percent of workers age 65 and older had full-time jobs, up from about 55 percent in September of 2007, according to the Bureau of Labor Statistics.
Over that time, the share of workers with part-time jobs fell to 40 percent from about 45 percent.
Nowadays, one in four people who reach age 65 will live past 90, according to the Social Security Administration. One in 10 will live past 95.
The Washington Post reports that with such longevity people need to be more creative about finding new income in “retirement” – and that usually includes a job, or in fewer cases, starting a small business, read these inspiring retirement stories of people that did just that.
“The old idea of retirement of moving somewhere sunny and playing a lot of golf, that’s a 50-year-old idea,” Andy Sieg, head of Global Wealth & Retirement Solutions for Bank of America Merrill Lynch, told the Post. “People are screaming out for a new proposition. They want to stay engaged and be in the workplace.”
A survey by Merrill Lynch and Age Wave, a research group, found that 47 percent of today’s retirees say they have either worked or plan to work in retirement.
And it’s not just about money. The study also found that 62 percent of retirees said their No. 1 reason for working in retirement was to stay mentally active. That’s double the 31 percent who cited money as the main reason.