Job growth in the United States has been weak for a number of years. However, there is one group in the American population that has a higher level of employment than in previous decades. This group encompasses “older Americans.” More than 7.2 million Americans over the age of 65 are now working. This is more than twice as many that were employed 18 years ago. Why are a lot of older Americans working today? Simply speaking, they have to!
Savings In 401K’s Are Down
The amount of money in 401K plans and equity in homes of older Americans has decreased during the recent recession. During this period of time, the expenses for senior citizen’s health care and daily living expenses have increased.
Americans today are living longer than they have in the past. This makes working beyond 65 years of age much easier. Many Americans work to stay active and productive. However, the most significant factor in Americans working well into their seventies is financial need.
In a study regarding retirement financial confidence conducted by Employee Benefit Research Institute, only 14% of Americans polled felt they would have enough money to live comfortably in retirement. Is retirement no longer an option?
About The Author
Elliot S. Schlissel practices elder law and has more than 30 years of experience assisting his clients regarding retirement issues, estate matters and Medicaid planning issues.