For some older Americans, retirement today means unretiring
Summary
Many older Americans are working past traditional retirement age because their Social Security benefits do not cover all their living expenses. Rising costs and insufficient retirement savings are causing more people aged 65 and older to either keep working or return to the workforce.Key Facts
- Nearly 20% of Americans 65 and older are working or looking for work, the highest rate in decades.
- The average monthly Social Security benefit in 2026 is about $2,071, but typical monthly expenses for a single adult are $4,641.
- A 2024 survey found 20% of Americans over 50 have no retirement savings, and 70% worry that prices will rise faster than their income.
- In 1985, only about 11% of Americans 65 and older were in the labor force; that number has more than doubled in the past 20 years.
- The workforce of people aged 75 and older is expected to grow 97% from 2020 to 2030.
- Many older Americans live longer but face longer retirement periods that outlast their savings.
- The average retirement savings for American workers is less than $1,000, with a median balance of $40,000 for those who do save.
- Some older workers enjoy their jobs and find them rewarding, even if they did not plan to work at that age.
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