Over the past 20 years, the share of Americans working in their 70s has risen from less than 10% to nearly 15%, according to US Census bureau data.
In addition to people being healthier and living much longer, economists say that a combination of financial considerations such as years of stagnant real wages and a shift away from traditional pensions in the private sector are some of the reasons people are working longer. The decline of manufacturing and the increase in the number of people working in less labor-intensive occupations also has contributed to the trend says Abraham, who researches work and retirement decisions of older Americans.
“Which matters more [the choice to keep working or the necessity to do so] depends on what your history up until that point has been in the type of work you’re doing,” Abraham says.
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