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Will Americans continue to work longer?
As a strong proponent of working longer, I have been delighted to see the increase in the labor-force participation of men age 60 to 74 in recent years. I, and other researchers, attribute this pattern to a host of factors, including changes in Social Security (lower replacement rates as the full retirement age increases and the maturation of the delayed retirement credit); the shift from defined-benefit plans with strong early-retirement incentives to 401(k)s; an improvement in the health and education of older workers; less physically demanding jobs; the desire to postpone retirement until the availability of Medicare; and the joint decision-making of dual-earner couples. With all these forces at play, my assumption was that we would continue to see gains in the labor force activity of older workers as they responded to declines in the retirement income system by remaining in the labor force longer. Read more.
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