This year, specialists from the Census Bureau and the National Institute on Aging conducted a special study of the standard of living and employment among older Americans. As of today, only 5 million American men (20%) aged 65 and older are employed; in the 1950s their number was about 50%. Older American women are more stable than their men: both half a century ago and now, more than 10% of women of retirement age continue to work.
According to sociological data, most pensioners can afford not to work after 65, but only to rest, travel, take up sports, and study effective diets. For example, 11 million older Americans are active members of golf clubs, swimming and tennis sports sections. Thanks to good medicine and material well-being, the life expectancy of the average American is 75 years (8 years more than in the middle of the 20th century), while the life expectancy of American women has increased by almost ten years over the same period and now stands at 80 years.
20% of Americans of retirement age have a bachelor’s degree, about 7% a master’s degree, and 70% graduated from high school. Interestingly, last year 50,000 older American citizens entered colleges to receive new education.
Robert Friedland, a professor at Georgetown University, in particular, said that “not so long ago Americans worked as long as they could, while strength and health allowed.” According to him, now with modern economic growth and material well-being, many, approaching 65, think about whether it is worth continuing to work. It is good if a person realizes before quitting that, for example, pension savings of $1 million are not enough for 20-30 years. “If you left your workplace believing that you have enough money for life, and then it turns out that you don’t, you will be left empty-handed,” the professor believes.
The study data are very important, since in the States there are already 35 million people of retirement age. And experts predict that by 2030 their number will double, with almost 60% of pensioners being women. “The social and economic difficulties of the aging generation are a big problem for older Americans themselves and for society.” Americans, as the study shows, have started to work less, but nevertheless, the benefits and compensations due to them have increased. Moreover, a very small percentage of older Americans consider it necessary to continue working after 65. Specialists see the problem in the fact that many private pension funds are ceasing to pay pensions and benefits to older Americans; many companies are “cutting” pension programs that previously guaranteed money, medical insurance, taking into account the tenure of older employees.
The Medicare medical program, which serves pensioners, may become insolvent (cover doctor services, hospitalization, medicines, and so on) by 2020, and the social insurance program may completely “break down” by 2041.
Richard Hodes, director of the Institute on Aging, said that the results indicate considerable progress over the past decades - improved medicine and overall living standards for older people. Nevertheless, much work remains. Specialists from his agency expect a slight increase in the number of working pensioners in the coming years, although such a high percentage as in the 1950s most likely will not be seen again.