Americans Are Retiring Younger
March 20th, 2006 by jhampton
When considering your investments for retirement, be sure to consider the fact the you may be living a lot longer than you think or have planned for.
A recent study has shown that 1 in 5 men who are 65 and older are still working versus the 5 out of 10 who were still working at that age 50 years ago. Women have remained about 10 percent of the workforce in the 65+ age range.
The findings are part of a report thick with statistics on America’s elderly, called "65+ in the United States: 2005." It was commissioned by the National Institute on Aging and compiled by the Census Bureau.
The findings have added importance as the first baby boomers near retirement age. The oldest baby boomers turn 60 this year, and the new report suggests that many of them already have left the labor force.
There are about 35 million Americans age 65 and over, a number that is projected to more than double by 2030, according to the report. About 59 percent of seniors are women.
The report attributes the declining work rate among older Americans to the growth in private pensions, Social Security and Medicare benefits. As benefits for older Americans grew in the last half of the 20th century, fewer saw the need to work beyond age 65, said Mitra Toossi, an economist at the Bureau of Labor Statistics.
The findings have added importance as the first baby boomers near retirement age. The oldest baby boomers turn 60 this year, and the new report suggests that many of them already have left the labor force.
There are about 35 million Americans age 65 and over, a number that is projected to more than double by 2030, according to the report. About 59 percent of seniors are women.
The report attributes the declining work rate among older Americans to the growth in private pensions, Social Security and Medicare benefits. As benefits for older Americans grew in the last half of the 20th century, fewer saw the need to work beyond age 65, said Mitra Toossi, an economist at the Bureau of Labor Statistics.
With this in mind be sure that your investments are in line with a longer retirement span for the future. Retiring at age 60 with $1M won’t go very far… especially another 20 years.
Posted on Monday, March 20th, 2006 at 2:08 pm In Stock Market Investing