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How Long Can Seniors Work?

I’ve discussed how traditional pensions are going the way of Best Buy and RIM, and the related looming financial problems for Baby Boomers entering their senior years. By sheer numbers, there will be plenty of ageing Americans seeking senior housing in the next decade. But the numbers will not be as big as expected since a lower percentage of older people will be able to afford decent accommodations on their own. As I have pointed out, instead more seniors will be living with their children and/or grandchildren to make ends meet—they will have insufficient savings and inadequate pensions. Social Security will certainly not cover enough to meet most basic needs.

By Jonathan D. Miller | Updated on July 11, 2012

I’ve discussed how traditional pensions are going the way of Best Buy and RIM, and the related looming financial problems for Baby Boomers entering their senior years. By sheer numbers, there will be plenty of ageing Americans seeking senior housing in the next decade. But the numbers will not be as big as expected since a lower percentage of older people will be able to afford decent accommodations on their own. As I have pointed out, instead more seniors will be living with their children and/or grandchildren to make ends meet—they will have insufficient savings and inadequate pensions. Social Security will certainly not cover enough to meet most basic needs.

Now the comeback to all this is that older Americans will work longer. Instead of retiring at 60 or 65 to enjoy the golden years —the grand plan envisaged a decade ago, they may have to work until 70 or 75 to maintain financial peace of mind. People are certainly living longer— more active, engaged lifestyles can certainly include productive and remunerative work. But let’s examine some of the trends that will prevent many seniors from working into their later years:

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