Working Past 65...It's a Thing

Are you like most Americans who dream of a comfortable retirement that will start sometime in your mid-60s?  For most Americans, they can’t even imagine another scenario.  However, new data suggests that the dream is becoming less a reality and more of a pipe dream.
 
According to a new report by United Income, the percentage of Americans who are over 65 and still working is at the highest level in 57 years!  Over 20% of all Americans who are at or above retirement age, i.e. 65 or older, are still working.  In 1985 it was 10%.  Additionally, according to some research from the New School for Social Research, the median savings for a “middle class employee”, someone earning more than $40,000 but less than $115,000, is $60,000.  $60,000!  It’s no wonder that more and more employees are continuing to work beyond age 65...they have little other choice!
 
If you are an employer who finds this information interesting, but unconcerning, I would encourage you to think more broadly.  These numbers are national numbers, but are they so much different for your employees?  If you have employees who are working after 65 wouldn’t you rather they be doing so because they want to instead of have to work? 
 
The answer to this problem lies in getting involved with your employees early to promote a culture of savings and financial wellness.  Helping employees understand how to budget, save, and invest for an adequate nest egg is critical to not only a healthy retirement for the employee, but also for the health of the employer.
 
Give a shout to learn more about how we can help your firm.