Working Past Retirement Age is Becoming More Common

As people get older it's still fairly common for them to look forward to retirement. But this isn't true of everyone. A growing number of individuals is putting off retirement - and sometimes canceling it altogether.

For a long time the number of people working after the age of 65 was going down. Now it's increasing. About 30% of people over 65 are still working at least part time. 6.4% of those over 75 and 3.4% of those over 80 are still in the work force. Some are self-employed - for example, the oldest working American is a 104-year-old beekeeper. But others work for employers in many different industries, including retail stores, non-profit organizations, service industries, and the government.

Why do some people want to keep working when it seems natural for them to settle down and enjoy life - especially if their income is coming from outside sources like Social Security and private retirement plans? There are a number of reasons. For some, work is more fulfilling; they like what they do and don't want to stop just because they've reached "retirement age."

But for others, continuing to work isn't a choice - it's a necessity. Social Security benefits may not be enough to cover basic monthly expenses, especially if the person has costly prescription medications. Even if Social Security were adequate, it's taking longer to qualify for benefits as the minimum age rises to 67. Retirement accounts can help, but not everyone has one. For some people working means the difference between remaining in a home they love and have lived in for many years and staying with relatives or friends. In other words, work helps people stay independent.