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their late 60s still had jobs. That figure is now at 29 percent, and predictions are that the number will continue to rise. And one in four baby boomers insist that they plan never to retire. -
For some, this is a matter of financial necessity, not choice; Social Security eligibility has been raised to 67 for those bom after 1960. And in the coming years, more of these benefits will be subject to income tax, while premiums for Medicare Part B are on the upswing.
Traditional pensions are fast becoming a thing of the past, as are company-provided health care benefits for retirees. And since the government outlawed mandatory retirement for most jobs in 1986, legal barriers to work for older people have become obsolete.
Delaying the start of living off accumulated assets has benefits that are personal and social as well: The economy gets a boost from workers continuing to pay income taxes and Social Security shortfalls get a reprieve.
At the same time, improved health care and medical advances have lengthened the average lifespan.The Chicago Tribune reported earlier this month that for a married couple of 65, the overwhelming
85.7%