Working Later by Choice, or not.

Now here’s one that will surprise you:

It’s all over the news about job growth being weak, but guess which sector of the population where employment is ‘growing’? If you guess older Americans, you’re right!

The number of overall Americans who are working has fallen by 4.4 million, but the number of Americans 65 and older who ARE working has jumped by 1.4 million.

18 percent of Americans 65 and older remain in the labor force, up from 12.1 percent in 1995.

Judging by my business, some are doctors, some are pharmacists, lawyers, hydro-geophysicists, CPAs, some in retail, and some, starting a new business in their 60s.

There are several theories as to why this is true. One theory is, many feel financially squeezed and have had to reluctantly decided to put off retiring. But all those people I mention above … there are no financial worries there at all. That CPA owns one of the most successful accounting firms in this town, the pharmacist owns the oldest, most well known pharmacy here in Santa Barbara, and that lawyer I mentioned … he’s reputed to be one of the highest paid lawyers in California.

Oh sure, some of my clients have indicated they continue to work because financial reasons. For example my 80 year old elementary teacher is still working to have some extra cash beyond her pension, but I will tell you frankly she is as mentally sharp as anyone 25 years younger. I have often thought that was because she continues to work.

The Society of Actuaries found that 55% of older Americans who continued working said they had done so to stay active and involved, while only 51 percent said they done so for additional income.

Americans are remaining healthier longer, and living longer, thus making it easier to work past the age of 65. Isn’t that great?!