Understanding the Graying of America’s Workforce

Years ago, people would turn 65 and retire. That’s no longer the case. Not only has the full retirement age been slowly increasing, but many older Americans are finding they simply can’t afford to retire. According to a story by CNN Business, they’re working into their golden years because they lack enough money to stop working and keep a roof over their heads.

The article states: “Americans over 75 are the fastest-growing age group in the workforce, more than quadrupling in size since 1964, according to the Pew Research Center. Forecasters expect that cohort of older, working Americans to double over the next decade.”

Seniors would not be forced to keep working if they could count on Social Security. For more than a quarter of older adults, Social Security benefits account for about 90 percent of their retirement income.

The Seniors Trust believes older Americans have earned their retirement. We are diligently working to improve seniors’ financial well-being through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, establish a fair annual cost-of-living adjustment (COLA), increase minimum benefits, and ensure the long-term solvency of the Social Security program.