Will Average Retirement Age Increase?
While the trend seems to encompass a variety of demographics, people’s reasons for working longer may vary. “The majority of people who have to work longer are blue collar, lower and middle class” said Jerry Linebaugh. “This group isn’t saving anywhere near enough, and nobody’s talking to them, burning their doors down and telling them the dangers they’re in.”
Aside from a lack of savings, however, some seniors may just want to keep working to stay active. “I think a lot of people are still working because they want to. I’m one of them,” said Leonard. “Other people keep working because they want to keep their minds and bodies active and to make sure they continue to socialize.”
As for higher earners, “The closer you get to the top one percent, the more you see people working longer because of the sheer enjoyment of it,” said Linebaugh. “Still, even most of the upper middle class is going to have to work longer, even though they could live a comfortable lifestyle with less.” For people who’ve increased their spending as they’ve earned more throughout their lives, even a high income may not allow them to sustain their current lifestyles if they retire before 65.
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