For many Americans, the typical life plan has long been school, work, retirement at 65, and living comfortably. But not as many people are traveling that path anymore.
Nearly 19% of people of retirement age—65 years or older—remain in the workforce. In fact, Americans over 55 are the only age group that increased its labor force participation rate from 2001 to 2021.
Many simply don’t want to retire because they enjoy what they do and don’t want to slow down. Some find that retirement doesn’t suit them and return to work to add meaning to their lives.
According to the Economic Policy Institute, roughly one-third of workers aged 55 to 64 don’t have access to a retirement savings plan. Those who rely solely on Social Security benefits may find they don’t cover all of their living expenses.