Retirement-age Americans are feeling healthier than ever
"If you break the data down by education, the largest increase in working past the age of 65 has been seen among those who are in the best shape for retirement, highly educated people with high incomes," Plews told Business Insider."According to the Federal Reserve's 2016 Survey of Consumer Finances, people with a college degree still working past age 65 have a median net worth of $706,000. For those in this group with an above-average income, the median is just over $1.
Plews found that the share of over-65 workers with at least a college degree increased from 25% in 1985 to 53% in 2019, bumping up the average income for retirement-age workers from $48,000 to $78,000, after adjusting for inflation.". More than three out of four Americans aged 65 or older report being in good, very good, or excellent health, and this proportion has grown steadily over the past 35 years," Plews wrote in the United Income report.
Improved health means Americans are feeling more capable than ever, the report found. Seventy-seven percent of over-65 workers said there are no limitations in the kind of work they can do.Personal Finance Insider offers tools and calculators to help you make smart decisions with your money. We do not give investment advice or encourage you to buy or sell stocks or other financial products. What you decide to do with your money is up to you.
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