Gray work: US cities where the most seniors work after retirement | ET REALITY

For years, those born in the decades after World War II were considered a golden generation, possibly the last to experience a job for life and often a healthy pension to go with it.

Yet today, 20 percent of seniors work past the traditional retirement age of 65 in the United States, according to a new study of Smart Assets.

Of course, people continue to work for various reasons. Many enjoy it, value the social aspect or like to exercise skills acquired throughout life. Others do it because they enjoy the additional purchasing power it brings.

Since the average monthly retirement benefit for Security beneficiaries is about $1,780, some do it because they have to to make ends meet.

We are working longer

A variety of factors are encouraging people to work longer. For starters, the legendary defined benefit plans of yesteryear, those “Rolls Royce” pensions for which employers took responsibility and which typically promised a retirement income of two-thirds of final salary, are now increasingly rare. .

The widespread shift toward defined contribution plans, in which the responsibility for retirement savings falls squarely on the individual, does not always provide the golden years that individuals hoped for.

Reports suggest the average balance in employer-sponsored savings plans, including 401(k) and 403(b), was $112,572 in 2022, up from $141,542 the previous year.

Maintaining old age has always been complicated. The Roman Emperor Augustus promised his troops a pension equivalent to 12 times his own salary after 20 years of service. He did it not out of altruism but to quell the risk of an uprising.

German Chancellor Otto Von Bismarck is credited with creating the modern pension, which he introduced in the 1880s for people aged 70 and over. At that time, life expectancy in Germany was less than 40 years.

A big part of the reason people work more today is because we live longer. While, unfortunately, life expectancy in the united states. In fact, it has decreased in recent years, people can still expect to live longer than previous generations.

Systemic factors at play

Furthermore, while the ancient Romans and 19^th While German chancellors in the 19th century had large numbers of taxable young people joining the workforce to pay pensions, the United States has an aging population. At the moment one in six people in the United States they are 65 years old or older, compared to one in 20 just 100 years ago.

With a birth rate of 1.64 births per woman, well below the replacement rate of 2.1, the ratio between young and old is not going to change in the short term.

The fact that the full retirement age, traditionally 65, has been increasing (to 66 for those born in 1955 and 67 for those born in 1960 or later) is also increasing the age of older people who work as something natural.

The fact that Social Security retirement benefits increase until age 70, for each month their drawdown is delayed, is also a factor.

It’s no surprise that in some American cities more than 25 percent of seniors are still working.

In fact, by 2031, the Bureau of Labor Statistics Nearly a third of all people aged 65 to 74 are expected to continue working or looking for work. In 2001 that figure was less than a fifth.

Ironically, employment has become a component of retirement planning. The Smart Assets study, which analyzed recent workforce data from 34 of the country’s largest cities, found that Dallas tops the survey, with 28 percent of people over 65 still in the workforce.

For older people looking for work, Los Angeles, Boston and Las Vegas are the cities where it is most difficult to get a job.

When older people work, the study suggests that many do it for good money. People 65 and older who continue to work in San Francisco earn on average more than $193,000 per year. They are followed by San Jose ($175,675), Seattle ($156,330) and Washington DC ($144,947).

If you want to keep earning after age 65, for whatever reason, you’ll find plenty of great opportunities on The Hill’s job board.

Media Manager, Federal Relations Specialist, Washington DC

The Joint Commission is an independent, nonprofit health care accreditation body and the nation’s oldest and largest. Is seeking a Media Manager to work closely with national healthcare consumer, policy and trade reporters, in proactive and reactive media relations. The work is hybrid, so no more commuting five days a week.

Associate Director of Policy and Partnerships, FDA, Remote

You will work in the FDA’s Center for Tobacco Products, which is responsible for implementing the Family Smoking Prevention and Tobacco Control Act, passed in 2009. You will provide authoritative advice on potential and emerging policy and regulatory issues about tobacco and why it is remote, you can work from home.

Government Affairs Analyst, NASAA, Washington

The North American Securities Administrators Association (NASAA) is dedicated to supporting the work of U.S. state and territorial securities regulators. As a government affairs analyst, you will have at least three years of experience monitoring, analyzing and summary of state or federal legislation related to securities regulation or a related policy area, along with strong research and communication skills.

Insurance Sales Representative, Performance Matters Association, TX

If you fancy moving to the city that already has the highest percentage of working seniors, how do you

about this insurance sales opportunity in Dallas, Texas. PMA actively seeks motivated individuals who want to positively impact lives and become leaders in their community.

To discover more opportunities for you at every stage of your career, start searching The Hill Jobs today