Goodbye, Golden Years

A trend that's been developing well before the Great Recession.

Goodbye, Golden Years.  (The New York Times, 11/20/2011)

Excerpt: Consider the difference between today’s extended work life and the average American work life during the mid-20th century in the midst of what was, in retrospect, a retirement boom. Again, the numbers present a vivid picture: from the ’40s to the ’80s, the percentage of men who were 65 and older in the labor force fell precipitously — from 47 percent in 1949 to 15.6 percent in 1993. By the 1980s, retirement at age 65 was nearly universal for American workers. Today, however, 36.5 percent of 65- to 69-year-old men are still part of America’s labor force. (The number of working women in this demographic is slightly lower.)

Although the economic downturn certainly plays a role, the article points out other factors that are involved.

• Social Security no longer penalizes those who continue to work.
• Work is less arduous; fewer workers in heavy industry.
• Elderly are healthier than previous generations.
• Retirement is not affordable.  (Currently, 40% of Americans 55 to 64 years of age don't have retirement accounts.)

But at least we'll always have David Bowie.