Record amount of Americans are working past age 65

[jamesbond]

Almost 20 percent of Americans 65 and older are now working, according to the latest data from the U.S. Bureau of Labor Statistics. That’s the most older people with a job since the early 1960s, before the U.S. enacted Medicare.

Because of the huge baby boom generation that is just now hitting retirement age, the U.S. has the largest number of older workers ever.

When asked to describe their plans for retirement, 27 percent of Americans said they will “keep working as long as possible,” a 2015 Federal Reserve study found. Another 12 percent said they don’t plan to retire at all.

Three in five retirees surveyed by the Transamerica Center for Retirement Studies said making money or earning benefits was at least one reason they had retired later than they planned to. Almost half said financial problems were their main reason for working past 65.

The financial crisis, and the tech bust before it, devastated many baby boomers' retirement savings. That's if they had any to begin with. Today, 60 percent of U.S. households have no money in a 401(k) or similar retirement account.

Thirty-six percent of respondents told Transamerica they had worked past 65 mainly because they enjoy their jobs or “want to stay involved.”

Education probably comes into play here. People with college and graduate degrees tend to work later than those with less schooling, according to a 2013 study by the Center for Retirement Research at Boston College. And since 1985 the share of older Americans with college degrees has tripled, to about a third of 60- to 74-year-olds.


http://finance.yahoo.com/news/ll-never- ... 50781.html

[IraqVet2003]

Almost 20 percent of Americans 65 and older are now working, according to the latest data from the U.S. Bureau of Labor Statistics. That’s the most older people with a job since the early 1960s, before the U.S. enacted Medicare.

Because of the huge baby boom generation that is just now hitting retirement age, the U.S. has the largest number of older workers ever.

When asked to describe their plans for retirement, 27 percent of Americans said they will “keep working as long as possible,” a 2015 Federal Reserve study found. Another 12 percent said they don’t plan to retire at all.

Three in five retirees surveyed by the Transamerica Center for Retirement Studies said making money or earning benefits was at least one reason they had retired later than they planned to. Almost half said financial problems were their main reason for working past 65.

The financial crisis, and the tech bust before it, devastated many baby boomers' retirement savings. That's if they had any to begin with. Today, 60 percent of U.S. households have no money in a 401(k) or similar retirement account.

Thirty-six percent of respondents told Transamerica they had worked past 65 mainly because they enjoy their jobs or “want to stay involved.”

Education probably comes into play here. People with college and graduate degrees tend to work later than those with less schooling, according to a 2013 study by the Center for Retirement Research at Boston College. And since 1985 the share of older Americans with college degrees has tripled, to about a third of 60- to 74-year-olds.


http://finance.yahoo.com/news/ll-never- ... 50781.html

Jamesbond, I would like to add that there are many baby boomers who have college degrees they still have some student loan debt to pay off!!! But if they don't make any payments on those student loans the federal government can garnish their social security checks!!!

[MattHanson1990]

Almost 20 percent of Americans 65 and older are now working, according to the latest data from the U.S. Bureau of Labor Statistics. That’s the most older people with a job since the early 1960s, before the U.S. enacted Medicare.

Because of the huge baby boom generation that is just now hitting retirement age, the U.S. has the largest number of older workers ever.

When asked to describe their plans for retirement, 27 percent of Americans said they will “keep working as long as possible,” a 2015 Federal Reserve study found. Another 12 percent said they don’t plan to retire at all.

Three in five retirees surveyed by the Transamerica Center for Retirement Studies said making money or earning benefits was at least one reason they had retired later than they planned to. Almost half said financial problems were their main reason for working past 65.

The financial crisis, and the tech bust before it, devastated many baby boomers' retirement savings. That's if they had any to begin with. Today, 60 percent of U.S. households have no money in a 401(k) or similar retirement account.

Thirty-six percent of respondents told Transamerica they had worked past 65 mainly because they enjoy their jobs or “want to stay involved.”

Education probably comes into play here. People with college and graduate degrees tend to work later than those with less schooling, according to a 2013 study by the Center for Retirement Research at Boston College. And since 1985 the share of older Americans with college degrees has tripled, to about a third of 60- to 74-year-olds.


http://finance.yahoo.com/news/ll-never- ... 50781.html

Jamesbond, I would like to add that there are many baby boomers who have college degrees they still have some student loan debt to pay off!!! But if they don't make any payments on those student loans the federal government can garnish their social security checks!!!

Also add that baby boomers continue to take jobs from millennials.

[CB8]

Thirty-six percent of respondents told Transamerica they had worked past 65 mainly because they enjoy their jobs or “want to stay involved.”

Enjoy their jobs? Right. It's more like Americans don't know what to do without their jobs. Plenty of people never develop hobbies or real relationships. After retiring, their "friends" at work probably don't even care about them anymore, since the relationships were based on career advancement anyway.

Some of the commenters on the article were alluding to not retiring being a good thing. They say they don't know what they'd do with themselves. I guess it doesn't occur to them to spend time on their hobbies or passions; time that is denied to them due to America's excessive work hours. I guess the part of them that enjoys life has been whittled away by living in America for so long.

[Moretorque]

Everybody get ready, this house of cards is fixing to collapse, the GOV knows it and is lying about everything to cover it up so the sheep will believe what they are told.

[Adama]

Thirty-six percent of respondents told Transamerica they had worked past 65 mainly because they enjoy their jobs or “want to stay involved.”

Enjoy their jobs? Right. It's more like Americans don't know what to do without their jobs. Plenty of people never develop hobbies or real relationships. After retiring, their "friends" at work probably don't even care about them anymore, since the relationships were based on career advancement anyway.

Some of the commenters on the article were alluding to not retiring being a good thing. They say they don't know what they'd do with themselves. I guess it doesn't occur to them to spend time on their hobbies or passions; time that is denied to them due to America's excessive work hours. I guess the part of them that enjoys life has been whittled away by living in America for so long.

That's an excellent observation. They also used to say that a significant percentage of people die very soon after they retire. Working was their whole reason for existing. They had no other interests in life.

But then you also hear that a significant number of heart attacks happen on the first day of the week after a weekend off. So work does really mean something to many people.

These Baby Boomers are the same group of people who have no sympathy for younger people who don't have it as good as they did. They mock the younger generations, for being lazy and having things too easy, for lacking motivation, and blame them for their lack of success. But we get to see with articles like these that it starts with them. They had it very good, and they still won't let it go. They want more and more. They won't step aside for the younger generations.

You even have teachers, firemen, and other public servants double dipping into retirement funds, just because they know how to game the system. How about stepping aside and letting a younger man take your second job (which could be his first) instead of using it to fund your second pension? Yeah that's how greedy many of these state baby boomers are.

Then you have the 35% of both men and women who still reside with their parents. What's going to happen to them, when they get old? Did a Baby Boomer, who refuses to retire, take his or her job perhaps?

Then there are the Baby Boomers who simply didn't plan well, or who suffered loss. I have sympathy for them.

[gnosis]

Then there are the Baby Boomers who simply didn't plan well, or who suffered loss. I have sympathy for them.

You shouldn't have any sympathy for them. A lot of the baby boomer men are greedy assholes who aren't going to be satisfied until they drain everything they can from the system, leaving nothing for their children and grandchildren. These assholes had it way better than they had a right to expect, but they still aren't satisfied. If their money runs out a couple years before they drop dead, they will just get a little taste of what today's young men have to look forward to for the rest of their lives.

[Ghost]

.

[Moretorque]

Succinctly stated Ghost.

[WorldTraveler]

For many people, retirement is already a pipe dream. And people think the next generation will ever be able to retire?

Third worlders have it better than this...less money but far less "need." Add in the family as support system, and third worlders have a higher quality of life than Americans by far.

Yeah, a guy I know just died of a massive heat attack in his 40s. America has it all backwards. It's an economy all about work only!

America is the most workaholic, sexless country in the world!

[WorldTraveler]

Almost 20 percent of Americans 65 and older are now working, according to the latest data from the U.S. Bureau of Labor Statistics. That’s the most older people with a job since the early 1960s, before the U.S. enacted Medicare.

Because of the huge baby boom generation that is just now hitting retirement age, the U.S. has the largest number of older workers ever.

When asked to describe their plans for retirement, 27 percent of Americans said they will “keep working as long as possible,” a 2015 Federal Reserve study found. Another 12 percent said they don’t plan to retire at all.

Three in five retirees surveyed by the Transamerica Center for Retirement Studies said making money or earning benefits was at least one reason they had retired later than they planned to. Almost half said financial problems were their main reason for working past 65.

The financial crisis, and the tech bust before it, devastated many baby boomers' retirement savings. That's if they had any to begin with. Today, 60 percent of U.S. households have no money in a 401(k) or similar retirement account.

Thirty-six percent of respondents told Transamerica they had worked past 65 mainly because they enjoy their jobs or “want to stay involved.”

Education probably comes into play here. People with college and graduate degrees tend to work later than those with less schooling, according to a 2013 study by the Center for Retirement Research at Boston College. And since 1985 the share of older Americans with college degrees has tripled, to about a third of 60- to 74-year-olds.


http://finance.yahoo.com/news/ll-never- ... 50781.html

Jamesbond, I would like to add that there are many baby boomers who have college degrees they still have some student loan debt to pay off!!! But if they don't make any payments on those student loans the federal government can garnish their social security checks!!!

Also add that baby boomers continue to take jobs from millennials.

There are no 65 year olds working to steal jobs from millennials. 65 year olds are only working because they have to to survive. Work is not fun. Most people that have worked for 40 years have very different skills than someone that just graduated.

[jamesbond]

America is the most workaholic, sexless country in the world!

Americans are the most productive workers in the world yet they get the least amount of time off of any anyone else in the industrialized world. Also, American men have the least amount of sex partners in their lifetimes than almost anyone in the world.