It seems to be a growing trend in America. According to the U.S.
Bureau of Labor Statistics, the number of men and women over 65 who
work has been rising since 1985 -- reaching upwards of 20.5% in
2007. Why are so many older adults choosing to work instead of
enjoying retirement?
Economics could be the most popular reason at the moment. Due to
the recession and the market downturn, some have decided to earn
extra money rather to replace their lost savings or pile up more
before taking the leap to retirement. Many simply don't have enough
savings for their long-term care.
Changes to Social Security benefits have also kept more people
working. You can start collecting benefits at age 62; however,
maximum benefits cannot be collected until the age of 70.
Therefore, by staying in the workforce you can add into your
retirement and delay Social Security allotment making it possible
for you to receive more money.
Vitality is another reason many are working past the age of
retirement. Many are feeling valued and productive and as a result
simply don't want to retire yet. All the discretionary time that
comes with retirement can create negative feelings if you don't
have a plan for what you'll do with all that time. It is common for
many to lose their sense of purpose for living.
Considering Retirement?
Finances are obviously the most important consideration when
determining the age you'll retire. It's imperative to start
planning years in advance to make sure you meet your retirement
goals. Health insurance coverage and health issues are common
retirement concerns. Medicare has improved and all older adults are
covered, but it's important to try to stay healthy as long as
possible because Medicare might be a little different from what
you've come to expect from your previous work insurance.
The decision to retire is totally up to you. When you do,
remember you can be a valuable and essential contributor to society
even without a full-time job. You don't have to sit on the couch
all day! Volunteer, enjoy your hobbies and friends, work part-time
to ease financial strains, or find a new, more rewarding
career!
Carrie Robertson
Research & Community Education
Chicago Senior Living
Assisted Living
in Chicago