…more people every year, locally and across the nation, continue laboring for a paycheck past the time when they could be collecting Social Security.
The average age of retirement in America, which had been on the decline during much of the 20th century, has been rising for the past two decades for a combination of reasons. A recent Bureau of Labor Statistics report found that about 27 percent of people ages 65 to 74 were still in the workforce, compared with just 20 percent in 2002. It predicted nearly one in three people of that age would be part of the labor pool in 2022.
“People today are working later than they have been for quite some time ”¦ as long today as in the 1970s,” said Kevin Cahill, a research economist for the Sloan Center on Aging and Work at Boston College. “The incentives have shifted in favor of work.”