The U.S. workforce is definitely a-changin'.
In the ’60s, at least 20 percent of the labor force kept working past the age of 65. It was a different time - savings and money were different than they are today. In the ’80s, the number was much ower. Only about 10 percent of folks over 65 were still working into their retirement years. Nowadays, with the Boomers, we are close to the 20 percent mark again, and that could be due to a number of factors.
It may be an after-effect of the great recession, or it may just be that people are living longer these days, and the money saved has to last for more years than they had expected.
There’s been more investment in medical research and universal health coverage. The result is that the average American lives far longer than they thought they would when they first started saving for their retirement. Life expectancy in the U.S. is higher than any other period in history.
So it’s no wonder that so many Boomers are still in the workforce. They have to keep working to survive. The data shows Boomers have less wealth, more debt, and have to pay higher expenses than the previous generation of retirees.
Experts suggest that Boomers need a million dollars to fund their retirement. If the stats and research are right, many folks will be stressing out once they hit retirement.
21 percent of Americans have no money saved at all for their future, and 10 percent have less than $5,000 stashed away for their golden years, which means retirement not be so golden unless you keep working.
And that is exactly what many Boomers are doing.
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