According to a recent article by the Associated Press, 23% of Americans (nearly 1 in 4 people) plan on never retiring, mainly for financial reasons.
In a survey of retired persons, 38% rated themselves as “very or extremely prepared” for retirement, versus 24% who rated themselves as “not very or not at all prepared” for retirement.
Unfortunately, retiring may beyond their control, since life events like becoming a caregiver, falling ill, or becoming injured can lead to early retirement. If someone who’s around retirement age loses their job, it can be difficult to find another job because of age discrimination.
According to the Associated Press’s Center for Public Affairs Research, 51% of older adults (age 50+) say that they frequently experience age discrimination in the workplace (compared to 21% of younger workers). This discrimination can sometimes be subtle.
One 56-year old man in the survey described how age affected his job search:
“He believes his age was a primary reason his job search failed to gain traction. As he filled out one particular online application, he was asked to select his birth year from a drop down menu. He discovered the menu didn’t go back far enough for him to enter an accurate date."
Some argue that older adults staying in the workforce longer is good for them and the economy. The PEW Research Center argues that Social Security benefits increase each year that they’re not touched, resulting in increased benefits for working older adults. Regardless of how you feel on the subject, many community organizations, including credit unions and libraries, offer classes on planning for retirement.
