A new study released on Thursday by the Pew Research Center reveals that a rising number of Americans over the age of 65, the normal age for retirement, are heading back to work to earn higher wages.
According to Axios, the number of older Americans returning to the workforce has been consistently rising since the late 1980s, with one major decline during the Chinese Coronavirus pandemic. Some of the reasons for this increasing return to work include changes in Social Security law forcing older Americans to keep working even past 65 in order to receive their full benefits; additionally, there has been a shift away from pension plans that normally would force most Americans to retire by a certain age, in favor of 401(k) plans that allow for ongoing workforce participation.
Many workers over the age of 65 are earning higher wages overall. In 2022, the average 65+ worker was making an hourly wage of about $22, compared to $13 in 1987 (adjusted for inflation). The average hourly wage for those between the ages of 25 and 64 is about $19.
The advent of Social Security was noticeably the beginning of the trend of older people retiring sooner. In the 1880s, prior to the implementation of such welfare programs for retirees, roughly 75% of older men were employed. This also correlated to a shorter life expectancy in those periods of time.
The number of Americans over the age of 65 is expected to grow even larger within the next decade. By 2032, all members of the Baby Boom generation will be over 65, as per projections by the Bureau of Labor Statistics (BLS). This particular demographic is also far more likely to have a four-year college degree, which makes them more employable than those without such a degree. At the same time, advances in technology have reduced the physical demands of many jobs, thus making work easier for older people with...
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9 comments:
I’ve always believed the single greatest luxury in life is to be able to retire completely and never return to work. So I drive old vehicles, live in a smaller house, don’t eat out, all to save the money for retirement.
For me, the reasons that I returned to work...Well, let me just say, the one primary reason....F'in joe blow biden made a law to tax my social security check. Taxed on already taxed money.
AND the whole thing is a scam anyway. They send you teasers that show how much money you will get monthly....but neglect to show how much they take out for Medicare. And then when you finally get a chance to retire...the checks are lower than the teasers.
And yes I didn't expect to retire on "only" my social security. I'm still shocked at how much it costs to retire.
Get this straight. Social Security is not a welfare program or an entitlement.
F'in joe blow biden can't make any laws; that's the job of the Congress.
Also, too "The taxation of Social Security began in 1984 following passage of a set of Amendments in 1983, which were signed into law by President Reagan in April 1983. These amendments passed the Congress in 1983 on an overwhelmingly bi-partisan vote."
I didn't think I'd live long enough to retire but I did despite my best efforts.
Dammit Billy, shoot me!
You are doing the right thing. Living thrifty is right no matter how great the income.
I think you'll find that you'll want to stay busy in retirement.
My statement from 2017 showed a lower monthly than the statement from 2007.
Tens years and $40k more taxes and my monthly decreased by over $200.
Talked with a neighbor today. Her and him over age 65. He is double amputee with heart condition. God bless him, he wants to work. But is limited.
His past employer wants and needs him. Biggest problem is lack of skilled labor. But that's everywhere.
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