Retirement Age Increase Needed to Offset Declining Benefits and Savings
Working longer can help improve retirement income security due to changes in the retirement system and longer life expectancy. Older workers today are healthier and have less physically demanding jobs, making it feasible for them to work longer. However, many obstacles prevent people from working past age 63, such as health issues, early access to Social Security benefits, and the decline of long-term career employment. Despite a slight increase in older men participating in the workforce since the mid-1990s, more needs to be done to offset decreasing retirement benefits and savings.