The Growing Trend of Seniors Working Past Retirement

Almost 20% of Americans over 65 are still working, making it the highest percentage since the 1960s. This statistic highlights the problem of seniors not saving enough to retire comfortably. Several American companies are trading out pensions for employee retirement savings accounts, but Americans are failing to sufficiently contribute to these plans to finance their retirement.

Perhaps, the baby boomers are relying to heavily on Social Security as it is only meant to replace about 40% of retirement income. And while these Americans have good intentions to continue in the workforce, they may face some harsh realities, such as finding suitable work and sustaining their desire to work. In order to avoid this trend of delayed retirement, it is essential to save consistently and aggressively.

See Todd Campbell, The Scary Reason So Many People Are Working Beyond 65, Motley Fool, May 15, 2016.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.