Work after 70: Americans can't afford to retire

Фото: Depositphotos

More and more Americans spend their golden years not at retirement, but at work.

According to a US employment report last week, almost 19% of people older than 65 have worked at least part-time in the second quarter of 2017.

Of course, baby boomers are increasingly ignoring the traditional retirement age of 65. In the past quarter, 32% of Americans aged 65-69 worked for years. Even at the age of 70, an increasing number of older people cannot retire. In the last quarter, 19% of pensioners aged from 70 to 74 years worked, which is 8% more than in 1994 year.

The decision to work, being retired or not, is influenced by some factors.

For example, many retirees are healthier than the previous generation and live longer. Some decide not to fully retire because they like their job or just want to stay active. There are those who need money, because the longer you work, the more comfortable you are in material terms to retire. The increase in life expectancy and rising health care costs have resulted in retirement becoming more expensive.

The US isn't the only country where people plan to work longer. Across the globe, workers of all ages are planning to retire later and later.

Even after they consider themselves officially "retired", most Americans hope to work a little. According to a survey of the Employee Income Research Institute (EBRI), 79% of employees in the United States expect to increase their retirement income from pay. But difficulties are brewing here, because simply because you want to work does not mean that you can. 61% of American pensioners surveyed said they had to retire earlier than they had planned. Mostly early care was due to a health problem.

“Although age discrimination is illegal, employers continue to view older workers as a liability,” said Ruth Milkman, professor of sociology at City University of New York. Retirees who want to extend their full-time careers may be forced to take temporary jobs, for example, or work as independent contractors,” Milkman said at a conference last month.

According to a study published last month by the National Bureau of Economic Research, instead of retiring, older workers sometimes switch from traditional jobs to self-employment. In the process, they often change professions, while the average annual income is reduced by $ 18 160 dollars for older workers.

The irony is that those older people who find it easiest to work—healthy, well-educated, highly skilled people—tend to have the least need for money.

Read also on ForumDaily:

What kind of pension will I receive in America

At what age can retire in the US

What benefits can you expect in the US

American pensioners move to Latin America for a better life

What you need to know about retirement in the US

How to retire in 35 years

Do you want more important and interesting news about life in the USA and immigration to America? — support us donate! Also subscribe to our page Facebook. Select the “Priority in display” option and read us first. Also, don't forget to subscribe to our РєР ° РЅР ° Р »РІ Telegram  and Instagram- there is a lot of interesting things there. And join thousands of readers ForumDaily New York — there you will find a lot of interesting and positive information about life in the metropolis.