Why are more older Americans staying in the workforce?
Some older Americans say they are continuing to work in an effort to build their retirement savings.
The golden years are looking different for a growing number of older Americans who are staying at their jobs and becoming a larger part of the workforce.
According to the Bureau of Labor Statistics, more than 1 in 5 workers were 55 or older in 2023. In that same year, 15 percent of workers were between 55 and 64, and about 7 percent were 65 or older.
For some, the decision to stay in the workforce past retirement age is based on a desire to stay active and engaged. For others, money is the most significant factor.
Nearly 80 percent of older workers said they are still working because they need the paycheck or because they want to keep building their retirement savings, according to the Transamerica Center for Retirement Studies.
A recent survey from insurance company Allianz Life found 64 percent of Americans worry more about running out of money than they do about dying. Reasons include high inflation and taxes as well as a lack of support from Social Security benefits.
The survey showed the fear of running out of money was more prominent in Gen Xers (70 percent), who are in their 40s and 50s, than in baby boomers (61 percent), who may have already retired.
Another survey from Northwestern Mutual reported that 51 percent of Americans "somewhat or very likely" believe they will outlive their savings.
Experts have said that with such risks as market volatility, creating a strong retirement or financial strategy with the help of a financial professional could help ease these worries.
