Is Retirement at 65 Ridiculous?

A Sense of Purpose: When faced with the prospect of wide open days with nowhere to go, retirees must confront what to do and why. For some people, their existing work is their real purpose – they derive great pleasure and satisfaction from work and yet they don’t realize it until after they retire. Other people find that transitioning to a new career gives them the most satisfaction

You Need the Money: The majority of households in the United States have not planned sufficiently for retirement.  If this is you, working a little longer could be the best path toward a secure future.

Older Workers in Demand

Though job opportunities do decline for workers changing jobs after age 50, the employment opportunities are reasonably similar to opportunities for prime-age workers, a Boston College study found.

“People are seeing that the skillset of an older person is much more valuable than they realize,” says Peter Creedon, CEO of Crystal Brook Advisors, located in New York, N.Y. “They may not have the hustle of a 20 year old, but they’ve been there, done that and have made plenty of mistakes, but know how to get the job done.”

And there’s more good news for working in retirement: what some would consider “old person” jobs (which are defined by Boston College researchers as occupations with a certain hiring ratio), pay no less than other jobs. In fact, Brookings Institute and CPS research finds that workers between 60 and 74 are currently paid more in hourly wages than an average worker who is between 25 and 59.

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