The Graying Of The Workforce

Mar 16 2013 @ 8:41am

Working Age

Evan Soltas points out that Americans are retiring later and later in life:

The Gallup Organization, a polling firm, asks working Americans when they expect to retire. In 1996, the average answer was 60; in 2012, it was 67.

Why is it happening? For two reasons. First, some Americans work longer because they want to. This applies especially to those who’ve made higher-than-average earnings during their working lives or have white-collar jobs. Their health allows it — their life expectancy has increased significantly.

But some are retiring later because they have no choice. The wage stagnation of the past decade and loss of savings (including housing equity) during the recession are forcing them to delay retirement.