"Americans are working until later and later in life. That's in part because of longer life spans, and in part because many older adults are behind in retirement savings and have to stick it out. (According to one 2022 survey, 71% of baby boomers say they feel behind on saving for retirement.) As a result, the workforce is becoming older than ever."
"It's not just money concerns that keep baby boomers ― the generation born between 1946 and 1964 ― working. There are plenty of older adults who want to keep clocking in because their sense of worth and community is tied to their work. As the Boston College Center for Retirement Research summed it up in 2016, people need more than financial security to make the leap to retirement."
Americans are delaying retirement, with many working into their 60s, 70s, or beyond. Longer lifespans and inadequate retirement savings contribute to extended work lives; a 2022 survey found 71% of baby boomers feel behind on saving for retirement. The workforce has aged: workers under 40 fell from over 60% in 1984 to 45% today, while workers over 60 have doubled. Financial needs are not the only factor; many older adults continue working because their sense of worth and community is tied to their jobs. Adult children sometimes press parents to retire, and experts are divided on whether such interventions are appropriate.
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