“There are now far more Americans ages 65 and older in the workforce than three decades ago,” says Dana Wilkie. In an article entitled “Number of Older Americans at Work Has Grown 35 Percent,” Wilkie states that between 2011 and 2016, the number of American workers ages 65 and older has risen 35 percent. Melissa Bauman reveals that older people are the fastest-growing segment of the United States workforce. In her article “Why Unretirement Is Working for Older Americans,” Bauman says, “One in five workers today is 55 or older; by 2024, that number will be one in four, according to the Bureau of Labor Statistics (BLS)”.
So, why are more Americans age 65 still working? Wilkie cited four reasons: longer life; lack of retirement savings; high housing costs; and health care costs. An increased longevity of life means that individuals need to finance a longer period of retirement. Too often they have not saved enough money for retirement and are facing increased costs of living – particularly burdensome are housing costs and medical expenses.
When the time comes for Medicare, individuals must select whether to go fully with Medicare or to keep working and remain on a group plan. Factors that influence this choice can include the reasons listed above but also may involve matters such as high deductibles, premium cost sharing with the employer, and co-pays. Those individuals nearing age 65 need to meet with an agent who can outline the benefits, including the cost of both options and which option – an advantage plan or a supplement plan and drug card – would best suit that individual’s specific circumstances.