It’s an Age-Old Story

Older Workers Are… Working

➔ A report from the World Economic Forum projected that age 70 will be the normal retirement age by the year 2050. Based on what we’re seeing, why will take that long to become the norm? We think that age 70 will be the retirement norm by as early as 2030.

Why? What we are hearing and what others are reporting is that more Americans are working past age 65 now and increasing numbers are working into their 70s – and even beyond.

The trend is unmistakable

Recently the Associated Press (AP) reported that 19 percent of Americans age 65 and older are still working – the highest rate in 55 years. The AP continued that nearly one-third of Americans 55 and older expect to work until at least 70 – “if they retire at all.”

According to the Insurance Journal, one-third of all Americans 65 to 69 were employed. At the same time, 19 percent of 70-74 year-olds were still working. In 1994, that number was 11 percent.

In ever increasing numbers, we’re not retiring. We’re continuing to work. And while many observers see the competition for older workers from Millennials, according to the Chicago Tribune, most of the competition that older workers will face… is from other older workers.

Time to get up and go to work.

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