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A study came out from the Associated Press -- an hour cease and for public affairs research.
Showing that you know most people expect to work later in life and over the past couple years basically since the financial crisis our views have radically radically changed.
On our golden years and I guess -- -- and -- And that accidents he is an Associated Press reporter and also a journalism fellow.
With -- and -- RCI's.
Center joining us from Chicago and that.
Things for having me -- you help with this -- steady at all.
Yeah I helped design the study and not analyze some of the results from OK so we've learned that.
Projection showed the US population those over the age of 65.
Will be a fifth of the population by the year 2030 or seven -- two million people.
And a lot of them most of them are going to be working Friday.
So those three that we added streams out of retiring at 65.
And a non existent anymore.
-- American idea of retirement is being redefined.
We're seeing people not only retiring later.
But what they think constitutes retirement is being changed that line between work life and retirement life.
Is getting more and more blurred -- 80% of the working respondents and our poll so that they planned on working at least some odd during their retirement or -- Being right now on how I wanna stay on it it says the average retirement age before and after the -- recession so basically this is over the in the past five years.
Those people who retired before 65.
But 80% of people.
-- before their affection.
Now that went down to about 65.
So that's a big -- -- in just a couple of years just fun to explain to people.
What -- the reasons -- that are cited for the fact that people think they're in need to work at least in some shape or form in in their retirement -- Well the number one factor is always going to be finances and and that is what we heard from an overwhelming majority of our respondents.
That you know their own finances were determining.
When they exit the workforce.
But we've seen this trend since the 1990s.
Of people gradually retiring a bit later in life of more and more.
People participating in the workforce.
In their old to be here -- -- they say it's.
-- Terry is this -- did the recession.
Just added a spike to that and -- Did they say health concerns health care costs.
Yeah absolutely doesn't need -- it.
Employer provided health insurance if you're pre 65 is a huge factor.
If if you're not yet eligible for Medicare.
A lot of people feel like they might be.
Attached to their jobs because they need the health care.
I'm any sense of how much people had in savings when they were approaching retirement.
Yeah it's it's all over the map but one in six have less than a thousand dollars in savings which is.
Pretty shocking mainland -- you know we'll -- in -- survey of all ages have less than a thousand dollars in savings.
You have the survey -- of people fifty and older.
OK so while you're telling me that one at a six people aged fifteen up have a less and 1000 dollars in savings account.
Correct yeah he's the guy I don't -- on -- -- -- decision is your generic savings account.
-- this includes that it it doesn't include here the value of your home.
-- any pension it includes all other retirement savings.
I haven't had a pretty bad reaction to that did you have the same.
Yeah it's this -- number I mean a larger number of people have over a 100000 dollars and in savings for retirement.
But as any retirement expert to tell you 101000.
Dollars this evening clearly -- fire.
Now especially if you're talking about her retirement that's gonna last 2030 or even more years.
-- well I guess after all that information no wonder people expect to work a lot longer I in my about what does.
Did you find in say that that really surprise you.
We'll be -- Folks who find themselves unemployed later in life to have an incredibly difficult time becoming re employed.
The people who we surveyed who had looked for a job in the past five years the majority.
Characterize their job searches difficult.
A lot of them -- saying that they found that employers were concerned about their age.
I'm unable to find jobs with an adequate salary or benefits and we see that reflected in the jobs numbers.
That the rate of long term unemployment.
Is much higher among older people -- it keeps creeping up as you go up the age range.
Now and you know Matt you're -- young guy three worry.
Dean -- almost scary after he found out from this information.
Now I've -- I've been reading about older Americans for the last year's I'm familiar with some of the stuff.
-- I think he's so much -- that -- grade a little concerning but it's the trip.
Thank you for that.
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