The workforce has more senior workers than it has seen in at least 55 years, Bloomberg reports. Retirement typically occurred around age 65 in the past, but at least 19% of those age 65 and older reported to work last summer.
Older Americans seem to be logging more hours at work too, than their younger counterpart, which the Bureau of Labor Statistics anticipates will continue into the future. So why are so many well-seasoned workers staying in the workforce? Beyond some of the obvious reasons, there may be one surprising possibility why many workers haven’t pulled the trigger on retirement (page 9).
1. Your savings took a hit a decade ago
The Great Recession took an enormous bite out of every American’s savings. However, boomers seemed to take one of the biggest hits. At least two-thirds of older Americans say they haven’t completely recovered from the recession, according to a GOBankingRates survey.
Over half report they aren’t able to save as much as they did before the crisis and only 17% recently started to save a bigger chunk of their paycheck.
Next: This is why boomers aren’t maximizing their savings.