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Working Past 70: Americans Can’t Seem to Retire

retire

Bloomberg
By: Ben Steverman
7/10/2017

Summary:

U.S. seniors are employed at the highest rates in 55 years. More and more Americans are spending their golden years on the job. Almost 19 percent of people 65 or older were working at least part-time in the second quarter of 2017, according to the U.S. jobs report released on Friday.

61% of Retirees in America say they retired sooner than they expected. Some are forced to retire for health reasons, others may be let go from employers. Age discrimination has been illegal for several decades, however older workers are still seen as a liability to many employers. Many older workers have switched to self-employment or part-time work to continue to be part of the workforce, whether it be for wages or just to keep busy.

Each person is different, some never want to stop working, some want to retire as soon as they can. It is beneficial to discuss options with a financial planner to make sure you have enough built up in your nest egg to retire. Of course, if you plan to continue working, you need to prepare for the day that you are no longer able to perform your job and make sure you can replace those wages while still leaving something for your beneficiaries.

Source: Bloomberg