Seniors Working Overtime

The American workday used to be from 9 a.m. to 5 p.m., 40 hours a week, but now on average people are working 47 hours a week. In addition, more people are working over the retirement age. Seniors make up 5.4% of the working population over the age of 65. The reason for this is that people are living longer and can’t afford to make it with just their pension or Social Security check.

The fact is that one in four people who reach the age of 65 will make it past 90. Working over retirement age has its financial benefits. Those who delay collecting Social Security can grow their benefits by 8 % every year until they reach 70. Seniors with a 401(k) can continue to add money and be able to withdraw money when they need it without penalties. Many people work well beyond retirement age and it’s actually not a bad deal.