In the United States Of America, the retirement age is 65 but more Americans are working beyond this age. Almost one in three Americans ...
In the United States Of America, the retirement age is 65 but more Americans are working beyond this age. Almost one in three Americans aged 65-69 years are still working while across the border, one in five Canadians are doing some kind of work, according to Census data. As it turns out, they may be on the right track. In the past few years, we have seen the tide shift in the workplace with more retirees choosing to stay on past their retirement age or choosing to freelance. Companies across the globe are also jumping on board, offering support to retirees with their homes and careers post retirement. While most benefits and conditions are made with the age 65 in mind, working beyond this age can benefit retirees, the economy and future generations in many ways.
Working Longer Can Mean Better Health
Having a longer career is beneficial for your health both physically and mentally. Scientific research leans towards this with studies and scholars both highlighting the continued mental and social engagement that working longer can provide for seniors. In France, a study linked a later retirement to a reduced risk of developing dementia while others have supported the cognitive benefits of an extended career.
Making The Most Of Your Income Options For Retirement
From the age 62, you are allowed to file for early retirement benefits while full benefits begin at 65 in the United States of America. For each additional year until the age 70,social security increases by an average of 8 percent. Working past 65 means a larger benefit package when you do retire. In addition there is the annual salary and increase in retirement savings that can be achieved by working for a few more years. With more retirees carrying debt, a lot of them are left wondering if they will outlive their retirement savings.
A rising number of them are also still repaying their mortgages on their homes; a place they are left wondering if they will be able to remain in after the reduction of their income that follows in retirement. Job Loss or income reduction is the number one trigger of monetary tension among Americans over 40. In a GoBanking Rates survey, 22 percent of participantsworried about affording their lifestyle in retirement. Working for a few years longer could help to overcome the monetary pressure felt by seniors.
We Can All Benefit From Their Experience
As workers get older and spend more time in their industry, the experience gained across their careers becomes invaluable. While the world of work and business is continually evolving and changing, new trends and approaches are built on one thing: experience of the past. By working longer, not only can companies and individuals benefit from the wealth of experience you bring to the fold but so does the industry. Many retirees are choosing to either freelance or start their own ventures after leaving their jobs.
Not only are older Americans working longer, they are working longer hours than those before them. As of May, 2016 just over one third of Americans 65 and older were working part time. One thing is certainly, older Americans are not ready to retire; at least not just yet.