More Americans age 65 and older are delaying retirement than they have since the early 1960s, according to Bloomberg.
Data from the U.S. Bureau of Labor Statistics shows nearly 1 in 5 Americans age 65 and older are still at work, according to the report. This trend is due in part to the baby boomers aging up, but unlike those that came before them, they are not eager to retire. Bloomberg cited data from the Federal Reserve that shows 27 percent plan to continue working as long as they can and 12 percent never plan to retire.
The report points to a handful of factors for this fundamental change in attitude, including that older Americans have little retirement savings, they want to stay involved at work and they are living longer. With low unemployment rates, employers are also holding on to their oldest, most educated workers as long as they can, according to the report. Additionally, studies suggest people are simply less satisfied in retirement than they used to be, according to Bloomberg.
Read the full report here.
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