Americans increasingly refuse to retire

The White House focused on attracting older labor as part of the National Employ Older Workers Week initiative, while modern American workers of pre-retirement age are increasingly refusing to retire.

Фото: Depositphotos

According to the Pew research center, the number of Americans older than the traditional retirement age (65 years), who continue to work both part-time and full-time, rose to 19% in 2016 year compared to 12,8% in 2000 year, writes Fox Business. Less than half of these employees reported that they worked part-time, but the number of those who go full-time is increasing.

The Labor Department projects that by 2020, 25% of the workforce will be people 55 and older, up from 2000% in 13.

Some older Americans do not want retireSince the creation of cash savings is becoming increasingly difficult. A recent study by the National Pension Insurance Institute found that the average amount of savings among all employed Americans, and not just those who have a retirement account, is 0 (zero) US dollars. Almost 60 percent of people of working age do not have a retirement account.

The number of employer-sponsored retirement plans also decreased, which, according to the authors of the study, is “the most important means of generating retirement income for the elderly after social security”.

Longer-term work can also contribute to more beneficial social benefits. And if the employee waits for “full retirement age” (70 years), his pension there will be more.

Modern people, moreover, live longer. And this means that they need to save more money for their retirement years. Not to mention the fact that the financial collapse has exhausted many savings accounts of individuals.

Фото: Depositphotos

Waiting for retirement may be worth it: as the number of older workers in the ranks of the American workforce increases, their wages increase. The US Census Bureau data showed that between 1994 and 2005, the average monthly salary of people older than 65 years increased by 80%, to 4 092 dollars. This is far ahead of other age-related demographic changes.

More likely, employees older than 65 will work for years in positions in sales, legal, educational, business and financial operations, rather than providing food services, building, computer and mathematical tasks, reports Pew.

The White House initiative supports skills training that will help retrain older Americans to meet the specific needs of the modern labor market.

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