The current retirement age in the US is currently around 65-67, depending on when you were born, and is likely to slowly increase in the future. Still, some people are working past this age. According to Business Insider, around one-fifth of Americans are working past retirement age. Let’s look at some of the reasons for this and whether or not it’s a positive thing.
Why do some people work past retirement age?
It’s easy to make the assumption that people work past retirement age because they can’t afford to retire. But this, in most cases, is not true. Some Americans are choosing to retire later because they still feel completely able to continue working into their late 60s. This is a logical consequence of longer life expectancy and improved health as we age.
As well as being able to work, some people prefer to continue to work, finding it fulfilling and stimulating, especially if they enjoy their job. There are even cases of people going back to work after retiring because they find themselves getting bored. It makes sense that seniors in active and physically demanding jobs would retire earlier than those in more sedentary positions.
Past retirement age, some seniors may choose to reduce their hours, if their company allows it, or to take on a different job that’s less demanding and with fewer hours.
The pros and cons of working past retirement age
Is it good for us to continue working past retirement age? There are certainly benefits to our mental and physical health. Working in a mentally stimulating job keeps your brain active, which can make a difference when preventing degenerative conditions like dementia. Most jobs also provide a social atmosphere, with colleagues, customers, or both. As we age, it can be more difficult to make and maintain friendships, so staying in work for longer can help us stay social, which helps fight loneliness and depression.
There can be downsides of working past retirement age, though, especially if you are forced into this situation for financial reasons rather than choosing to stay in work. Staying in a job you are not engaged with can be stressful and can negatively impact your mood. Plus, if you’re in a physically demanding job, then this can put an increasing strain on your body as you age.
It’s all about deciding what is right for you, both personally and financially. For more advice on senior living and lifestyle, get in touch with Bermuda Village if you have any questions.
