Prime Years Your 50s, 60s, 70s, and beyond
A Special Advertising Section July 21, 2016
Prolonging retirement $ $QQOGTU YQTMKPI KPVQ TGVKTGOGPV JCXG QRRQTVWPKVKGU HQT RGTUQPCN ITQYVJ Q By Sharon Naylor
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any folks choose to stay in the workforce past the age of retirement. The U.S. Bureau of Labor Statistics says that the percentage of people in the American workforce who are 55 or older has grown from 30.1 30 percent in 1994 to 40 percent in 2014, and it is projected to reach 39.4 percen by 2024. Why do adults choose to prolong their retirement? cent Kerry Hannon, career and retirement expert and K aut author of "What's Next? Follow your Passion and Find Your Dream Job," says: "There are several reasons why You seniors aged 55 and up opt to stay in the workforce.The sen first being income. Even if they have saved for retirement, staying in the workforce provides a safety net of me add additional income to bolster their retirement." Hannon says that when she gives lectures to people in their 50s, say 60s or above, there is a palpable fear among them about financial security. "There is a clear siren call to abo keep working." kee Cost of living continues to soar in this day and age. C Few people are able to save — or simply have not saved — enough money for retirement by the time sav
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retirement age approaches, so "the economic advantages of working into traditional retirement years are plentiful." With income coming in, Hannon says, "you won't have to tap into your Social Security now, but can wait longer, which can bump up the amount you get when you delay to age 70." Many of us also enjoy the non-monetary benefits of remaining in the workplace, such as physical activity and social engagement. "Seniors need to feel relevant and engaged with others," according to Hannon. "And there are studies that show working keeps the brain active, which can help stave off Alzheimer's. It's empowering to keep learning, and work provides regular stimContinued on page S-3
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