September 29, 2010

WE LIVE LONGER, DON'T WE?:

'I'll work till I die': Older workers say no to retirement (Jessica Dickler, September 28, 2010, CNN Money)

In 1998, 11.9% of workers 65+ remained in the labor force. In 2008, it was 16.8%. This year, 18% say they will continue working. And by 2918, the Bureau of Labor Statistics projects 22% of older workers will continue to punch a clock.

Even the wealthy are reluctant to retire from the workforce, according to a report released on Sunday by Barclays Wealth. Half of the high net worth respondents over 65 surveyed said they will always being involved in commercial or professional work of some kind.

Dubbed "nevertirees," many wealthy individuals will never stop working, the report said, even if they have little financial need to do so. Like Alper, they want to keep doing what they are doing for as long as possible.
7 secrets to a richer retirement

"There was a general upward trend of labor force activity among older workers before the financial collapse," explained Alicia Munnell, director of the Center for Retirement Research at Boston College. "People were getting healthier and living longer."

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Posted by Orrin Judd at September 29, 2010 5:39 AM
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