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More seniors remain in workforce

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More U.S. seniors choosing to remain in the workforce. Employment rose not only among 65- to 69-year olds (close to a third now work), but also among those 70 to 74 (about a fifth). In the 75-plus population, the proportion
still working increased to 8.4 percent from 5.4 percent.
Increasingly, they are less likely to be part-timers. Nearly two-thirds of workers
older than 65 hold full-time jobs, defined by the Bureau of Labor Statistics as
requiring at least 35 hours a week.

Economists point to a long list of reasons.

1) Retirement policies have shifted

2) Fewer employees have fixed pensions, which tend to move people into retirement because at some point, they’ve earned maximum benefits and more years of work don’t bring more income.

3) They are also working longer because they can. True, health crises can strike at any
point, but lengthening life spans and improved health, at least among higher-income
eniors, have contributed to extended careers.

4)People who have higher education levels work longer. They have nicer jobs that are
more interesting and less physically demanding.

5)Older workers are more apt than others to work in management and sales, it was
found, and less likely to work in construction or food preparation and service.

Economists applaud this graying work force. “Every additional year you work, and you don’t draw down your savings, is an asset,” said Debra Whitman, the chief public policy officer at AARP. Waiting until later ages to claim Social Security — as seniors increasingly do — might help keep the system solvent, and the higher monthly checks may keep households solvent, too.