Many seniors who remain in good physical and mental health are choosing to stay in the workforce. Though you may have been hinting around to your elderly loved one that it’s time to retire and perhaps even time to start talking about home care in Anchorage, he or she may not be ready yet. Here are 5 possible reasons why your loved one is opting to continue working past normal retirement age.
1. Social Security Benefits Increase at Full Retirement Age
According to the U.S. Government Accountability Office’s analysis, seniors can benefit financially by delaying receipt of their Social Security. This analysis indicated almost half of retirees filing for Social Security prior to age 63 lost from 25 to 33 percent of their additional inflation-adjusted benefits, which they would have received had they waited until full retirement age to begin tapping into them.
2. People Are Living Longer
Census data from the Center for Retirement Research indicates that while the average age of retirement for women is 62 and 64 for men, the number of people living to and past 90 has tripled. Like many seniors, your loved one may realize that if he or she retires at age 60, this could mean spending 35 years in retirement, which could prove to be boring or tedious.
3. Employment Provides Purpose
Many seniors feel continuing to work keeps them feeling youthful and gives them a function and usefulness to society. Instead of just adding years to their life, people who love their jobs and are work oriented feel they are adding life to their years, especially if they are healthy. In addition, many studies show working seniors who feel useful have better mental health than their retired counterparts.
4. Working May Lead to Less Stress
A recent AARP poll of Americans aged 50 to 64 indicated over a third of them planned to put off retiring, with 60 percent stating they want to become employees rather than business owners or independent contractors, which may cause more stress. The Retirement Project of the Urban Institute reports 97 percent of workers aged 70 and older enjoy working, versus 95 percent of those aged 65 to 60 and 90 percent aged 60 to 64. Over half of workers aged 60 to 64 agree their work is stressful compared to about a third of workers 70 and older.
5. A Job Creates Greater Financial Security
Because retired people over 65 have a median annual income of only 60 percent of those between 45 to 64 years of age, many find it difficult to make ends meet in their golden years. In fact, a recent Interest.com study indicates that in 49 of the 50 states, senior citizens aren’t earning enough to replace their pre-retirement income. As people are retiring earlier and living longer, retirees need to continue earning 70 percent of their working income to maintain the same standard of living.
Even if your loved one is able to maintain a job with little to no trouble, he or she may still benefit from help with important daily tasks. For instance, if he or she could use assistance with regular exercise, transportation, or meal prep, Home Care Assistance can help. Our caregivers are available 24/7 and are expertly trained to meet a wide array of senior needs. We also offer specialized Parkinson’s, dementia, and Alzheimer’s care in Anchorage. For more information, call one of our qualified Care Managers at (907) 770-0907 to schedule a no-obligation consultation.