Seniors Choosing Not to Retire because of Debt Struggles
This is the first article in a blog series on seniors and retirement. Check out the second blog in this series, “Exploring the Link between Retirement Savings and Continued Employment.”
More and more elderly Americans are foregoing retirement and continuing to work as they struggle with debt, according to data released by the US Bureau of Labor Statistics. The federal agency found that nearly 20 percent of Americans who are over the age of 65 are still maintaining full-time employment. That represents the largest such number since the early 1960s, a time prior to the enactment of Medicare and other laws that eased the financial burden on seniors in this country.
Not surprisingly, a Transamerica Center for Retirement Studies survey of seniors found that approximately 60 percent of retirees had postponed retirement because they did not have enough money, or earn enough benefits, to comfortably live out their Golden Years.
While the number of elderly people who maintain employment is already high, it is likely that even more senior citizens will choose to keep working in the future. According to a study conducted in 2015 by the U.S. Federal Reserve Board of Governors, 27 percent of younger workers said that they expected to “keep working as long as possible,” with 12 percent of younger employees indicating that they had no expectation of ever retiring.
For more information, read the Yahoo.com article, “‘I’ll Never Retire’: Americans Break Record for Working Past 65.”
This article should not be taken as legal advice. If you’re considering bankruptcy or another legal debt relief option, you need to consult an attorney for guidance. If you’re in New Jersey and seeking legal assistance, we can help you.
Brenner Spiller & Archer, LLP is a New Jersey law firm that is dedicated to helping families find relief from the burden of debt and other financial woes. For more than 35 years, our bankruptcy lawyers have provided effective guidance on all debt relief matters to clients throughout Central and South Jersey.