More Americans Are Working Past Age 65
Older U.S. residents were more likely to be working or looking for work in 2003 than they were in 2002.
When Sara Rix, a researcher at the AARP Public Policy Institute, Washington, analyzed new figures from the federal Bureau of Labor Statistics, she found that the participation rate for workers who were at least 55 increased to 35.7% in 2003, from 34.5% in 2002.
The growth rate was faster for workers ages 65 and over, Rix writes in a report on the analysis.
The participation rate increased to 27.4%, from 26.1%, for workers ages 65 to 69; to 14.6%, from 14%, for workers ages 70 to 74; and to 5.8%, from 5.1%, for workers ages 75 and over.
That compares with a decline to 78.2%, from 78.7%, for workers ages 55 and under.
For decades, Social Security, rich private pension benefits and skyrocketing retirement account asset totals pushed the average retirement downward, even as medical advances increased the average Americans years of healthy life.
Financial advisors once assumed that many clients would retire in their early 60s.