U.S. Seniors Employed at Record-High Levels

Deutsche Bank Securities Chief Economist Torsten Slok estimates that the employment-to-population ratio for Americans 65 and older reached a record high of 20 percent in July, reports Fox Business . As disclosed in earlier research, 30 percent of male and female baby boomers between 65 and 72 were either working or looking for work last year, which was a higher engagement rate than what was seen among previous generations at the same age. Challenges with earning enough for retirement amid increasing life expectancy is one reason Americans might be opting to remain employed. The U.S. Government Accountability Office says nearly 30 percent of people older than 55 have no retirement savings and no pension plan, while the personal savings rate has fallen from 14.2 percent in 1975 to 6.8 percent in 2018. Meanwhile, working longer can enlarge Social Security benefits.