‘I’ll Never Retire’: Americans Break Record for Working Past 65

‘I’ll Never Retire’: Americans Break Record for Working Past 65, by Ben Steverman.

Almost 20 percent of Americans 65 and older are now working, according to the latest data from the U.S. Bureau of Labor Statistics. That’s the most older people with a job since the early 1960s, before the U.S. enacted Medicare.

When asked to describe their plans for retirement, 27 percent of Americans said they will “keep working as long as possible,” a 2015 Federal Reserve study found. Another 12 percent said they don’t plan to retire at all. …

Almost half said financial problems were their main reason for working past 65.

Interest rates are derisory, with a bunch of bureaucrats at the central banks decreeing that interest rates be at record lows. It’s not like savers and borrowers struck deals on interest rates in a market, so that both parties were reasonably happy. Presently the savers and lenders, such as retired people, are being totally ripped off with near-zero interest rates — sacrificed to the needs of borrowers and banks. Our political system is rescuing banks and borrows and punishing savers. Many more voters are borrowers than savers, so expect more of the same.

Why save anyway? Savings are taxed, while interest on debt is often tax free, such as for negative gearing. We are encouraged to borrow from banks and pay them interest, rather than to save.