The percentage of American workers expecting to work after turning 65 has risen more than three-fold since 1991, with 25% adjusting their timetable in just the past year, according to EBRI. More than a third (36%) of workers plan to work past 65, up from 11% in 1991 — with 7% indicating that they have no plans to retire at all. Of the 25% who adjusted their retirement age this year, 88% indicated that they would work longer.
Part of the retirement crisis is due to the fact that people are expected to live longer as a result of healthier lifestyles and medical breakthroughs. So it makes sense that people will also be willing and able to work longer. This is further augmented by improvements in technology allowing for more remote access and telecommuting. There are also studies showing that people who have the opportunity to work live longer.
But many people may not have the luxury of deciding to delay retirement due to health issues, layoffs or mergers. Some jobs may be age-sensitive. And of course, many employers are attracted by the lower comp and benefits costs of younger workers.
