Wednesday, June 6, 2018
People were retiring at younger and younger ages up until the 1990s when both men and women began to wait to retire until they were older or going back into the workforce. Americans are working longer due to a longer life expectancy, jobs requiring less physical labor, and increases in healthcare technology that allow older individuals to have a better quality of life. "The U.S. Bureau of Labor Statistics reported in 2017 that 32% of people ages 65 to 69 were working, and 19% of people ages 70 to 74 were employed."
There can be several benefits to working beyond the traditional age of retirement including living longer and less diagnoses of terminal illnesses such as cancer and heart disease. A 2015 study of 83,000 older adults over 15 years, published in the CDC journal Preventing Chronic Disease, suggested that, "compared with people who retired, people who worked past age 65 were about three times more likely to report being in good health and about half as likely to have serious health problems."
Working past retirement age is not for everyone. If your job has an intense physical component it could lead to injuries, or if you have already been diagnosed with health risks continuing to work may increase your chances of a stroke.
See Working Later in Life Can Pay Off in More Than Just Income, Harvard Health Publishing, June 2018.
Special thanks to Lewis Saret (Attorney, Washington, D.C.) for bringing this article to my attention.