Goodbye, Golden Years. (The New York Times, 11/20/2011)
Excerpt: Consider the difference between today’s extended work life and the average American work life during the mid-20th century in the midst of what was, in retrospect, a retirement boom. Again, the numbers present a vivid picture: from the ’40s to the ’80s, the percentage of men who were 65 and older in the labor force fell precipitously — from 47 percent in 1949 to 15.6 percent in 1993. By the 1980s, retirement at age 65 was nearly universal for American workers. Today, however, 36.5 percent of 65- to 69-year-old men are still part of America’s labor force. (The number of working women in this demographic is slightly lower.)
Although the economic downturn certainly plays a role, the article points out other factors that are involved.
- Social Security no longer penalizes those who continue to work.
- Work is less arduous; fewer workers in heavy industry.
- Elderly are healthier than previous generations.
- Retirement is not affordable. (Currently, 40% of Americans 55 to 64 years of age don't have retirement accounts.)
But at least we'll always have David Bowie.
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