I am several years away from retirement, and while I sometimes daydream about the day that I’ll officially retire from the “rat race” (particularly on those long, tough days at the office) and trade my suit and tie for hunting gear, I recently learned that many Americans are delaying retirement. I found this surprising, so I sat down with Reuben Escobedo, Retirement Plan Specialist at SWBC, who has nearly 17 years of experience in the financial and retirement industry, to learn more about this trend and find out just why so many Americans are delaying their exit from the workforce.

According to the Pew Research Center, 9 million Americans 65 and older have full- or part-time jobs, an increase of 6% from 2000 to 2016. So, why are so many Americans delaying retirement? Well, several factors play a role including the economy, social security benefits, the desire to continue working, and access to health insurance.

One of the greatest factors for delaying retirement is the rise of average life expectancy. A 2013 Boston College’s Center for Retirement Research found that on average, male and females are now living 3.8 years longer than they did in 1979. “It is becoming more and more common to see people working well into their 70’s, if not even further in age at times,” said Escobedo. “McDonalds recently celebrated one of their cashiers who is 94 years old and has been working for them since 1973.”

Let’s break down a few factors that play a role in delaying retirement.

 

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