Study finds growth in over-55 workers fueled by need for health benefits

Kansas City Star ^ | Aug. 02, 2007 | Diane Stafford

[Graybeard58]

The percentage of older Americans in the workforce is increasing markedly, partly driven by a need for affordable, employment-based health insurance.

A report released this morning by the nonpartisan Employee Benefit Research Institute said the percentage of 55-and-older persons in the labor force ballooned from 38 percent 1993 to 45 percent in 2006.

The percentage of Americans aged 65 to 69 jumped from 18 percent in 1985 to 29 percent in 2006.

The increased workforce participation — especially among full-time, full-year workers — also is prompted by the need to accumulate retirement savings, the institute report said.

Two primary forces in the private sector are behind the trend. Employers are:

•Phasing out retiree health insurance, both for current retirees and for younger workers coming into the system.

•Shifting from defined benefit pension plans to defined contribution retirement plans, which generally include worker contributions.

Increased workforce participation of 55-and-older Americans was found among men and women and across all race and ethnicity categories.

The nonprofit institute does not take policy positions; it researches health, savings, retirement and economic security data. Read the complete report at www.ebri.org.

[grey_whiskers]

Jeepers! That's better than the $40/hr the illegals were being paid in New York for 'parity' with Union workers.

Too bad I just moved to Minneapolis: less than 6 figures, but 6% 401(k) match and 2% pension, to kick in after 2 years service.

Prayers up for the victims and families of the I-35 bridge collapse. Last night CNN had a graphic at the bottom of the screen that the 35-W bridge connected Minneapolis and St. Paul (sighs heavily).

No cheers, unfortunately.

[EQAndyBuzz]

Only state workers should pay for retirement benefits for state workers.

Only union employees should pay for retirement benefits for union employees.

[csmusaret]

Government workers pay taxes too.

[goodnesswins]

Any guy (especially guys) who are not “working” after 55 will generally be dead within 5 years of retirement....MAN needs to WORK!

[Keith Brown]

Not to mention a whole generation of “me first” baby boomers that want the whole nation to pay for their lack of planning for medical and retirement.

[Graybeard58]

Any guy (especially guys) who are not “working” after 55 will generally be dead within 5 years of retirement.

I'm 62, retired at 54. By your reckoning I'm dead.

[eyedigress]

I had my co-workers understand the petition to stop Di-hydrogen Monoxide (responsible for more deaths than anything else). Also on the plate is the terrible effects of Women’s Suffrage. It seems to be going well. :^)

[Cogadh na Sith]

With us living longer, it actually doesn’t seem like a good idea for many people to retire at 55. In fact, if I’m healthy at 65 I will still work.

That sure makes it hell for the younger guys to get promotions and paychecks that come with more responsibility. With the top end occupied, we have to wait until somebody dies to get a promotion or a raise.

That makes it hell to start a family and buy a house....

Do we wonder why guys in their 30s have a lower real-wage than their fathers?

[goodnesswins]

Well.....it was something I read in the WSJ a few years ago....there ARE exceptions! :<>)

[eyedigress]

Once again, I see your “discovery” has paid off. I will be kind here, but do you have ANY knowledge of the entitlement programs and where they were conceived?

[Graybeard58]

I understand your point but I believe the key is to stay busy and I do to a certain extent. I excercise, try to eat reasonably right and I have 12 grand children and 1.5 great grand children if I want to be really busy, I just have them come and visit.

[ExtremeUnction]

This will go down like a big dog in about 10 years when most of the boomers are past their prime.

My wife and I are both 60, in good health and plan to work until we're 70. Our companys' retirement and health plans are great, so why retire?? It would be like firing yourself! The Boomers will keep working, and the employees waiting for our jobs will have to wait some more.

[kabar]

The reason is that many people have not saved enough for their retirement. This explains why more of the 65 and over crowd is working even though they have Medicare.

[umgud]

My wife and I are both 60, in good health and plan to work until we're 70.

You've just made my point. You're a boomer, but there are far fewer in the generation following you and you're only gonna work another 10 years.

[montanajoe]

Actually I dont ever plan to retire..works for most but I’m sure it wont work for me.

[montanajoe]

Actually I dont ever plan to retire..works for most but I’m sure it wont work for me.

[endthematrix]

Economic sense? It also doesn’t have any ethical, moral or ideological sense.

[jrp]

‘bout the only folks retiring early these days are gubbermint “workers”. Here in CA they get hefty pensions, health care and never had to throw a single penny down the Social Security rat hole. So, all private sector peeps need to work-till-you drop, so these gubbermint folks can enjoy their nice retirement. Nah, I’m not bitter.

[puppypusher]

People that work in Governmental positions usually retire after 20 years on the job,depending on their contracts with the government.

In this time we live in non-government employees usually have to work untill their 65 years old anyway just too retire.

So yes government employees Do pay Taxes.But their dollars go alot farther than your average private sector employee.

[qam1]

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