Millions of Americans Must Work In Retirement
A Reuters article today suggest that millions of Americans have not saved enough to retire and find themselves having to reenter the workforce after age 65. Opportunities for seniors who want to work are limited with most jobs paying close to the minimum wage.
Millions of Americans are finding that they will have to continue working during their supposed retirement years, a new survey of baby boomers shows.
This realization is turning their worldview upside down — changing everything on where they might live, what they might do in their golden years and ultimately what is most important in life — according to a poll commissioned by financial firm Thrivent Financial for Lutherans.
“The average 70-year old is probably pretty well situated now because they had pensions and will get social security,” Pamela Moret, executive vice president at Thrivent said in an interview on Tuesday.
“But the same does not hold true for baby boomers where roughly 25 percent say they have saved nothing for retirement,” she said. Baby boomers are the post-war generation of Americans born between 1946 and 1964, which are just now starting to reach retirement age.