More Seniors Working Past Retirement Age: What’s Behind the Trend?
Introduction
For years those born in the decades after WWII were considered a golden generation, possibly the last to experience a job for life and, often, a healthy pension to go with it. Yet today, 20 percent of seniors work past the traditional U.S. retirement age of 65, according to a new study from Smart Assets.
Reasons for Working Longer
- Many seniors enjoy working and value the social aspect or the opportunity to use their skills.
- Some seniors work past retirement age because they need the additional income to make ends meet.
- The shift from defined benefit pensions to defined contribution schemes has left many seniors with less retirement savings than expected.
Increasing Life Expectancy
One of the main reasons seniors are working longer is because people are living longer. While life expectancy in the U.S. has fallen in recent years, people can still expect to live longer than previous generations.
Systemic Factors at Play
- The U.S. has an aging population, with one in six people aged 65 or over.
- The full retirement age has been rising, increasing the age of working seniors.
- Delayed Social Security retirement benefits incentivize seniors to work longer.
Impact on Cities
By 2031, the Bureau of Labor Statistics expects that almost one third of all people aged between 65 and 74 will either still be working or out looking for work. In some U.S. cities, more than 25 percent of seniors are still working.
Job Opportunities for Seniors
Many seniors who continue working earn good money. Cities like San Francisco, San Jose, Seattle, and Washington D.C. offer high earning potential for seniors. Job boards like The Hill Jobs provide opportunities for seniors looking to keep earning after 65.
Examples of Job Opportunities
- Media Manager, Federal Relations Specialist, Washington DC
- Associate Director for Policy and Partnerships, FDA, remote
- Government Affairs Analyst, NASAA, Washington
- Insurance Sales Representative, Performance Matters Association, TX
To discover more opportunities for you at every stage of your career, start browsing The Hill Jobs today.
Source: Smart Assets
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