Who needs to retire? 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. And because of the huge baby boom generation that is just now hitting retirement age, the U.S. has its 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.
Sure, some of this is for financial reasons. Three in five retirees surveyed by the Transamerica Center for Retirement Studies said making money or earning benefits was at least one reason they retired later than they planned to, and almost half said financial problems were their main reason for working past 65. But 36 percent said they worked past 65 mainly because they enjoy their jobs or “want to stay involved.”