More Californians Are Working Past the Age of 55
A new California Budget Project report says that over the past decade, the number of people between the ages of 55 and 64 who are still employed has increased by 7.5%. The number of people between 65 and 69 who were still working increased 4.4% between 2000 and 2006.
According to the report, these increases mark a sharp change from the prior two decades, during which the number of people in those age groups still employed remained constant.
Improved health — and thus the ability to stay in the workforce for longer periods — is one factor behind the increase. But most workers surveyed indicated that staying in the workforce wasn’t their choice — 72% said that “the need for income to live on” was a primary factor for remaining at work.
Ominously, the report also notes that if Social Security monies are taken out of the equation, almost 40% of Californians over the age of 65 would be below the federal poverty line — another factor no doubt at play in this mix.
More Californians Are Working Later in Life [California Budget Project]