More Americans are staying in the workforce after reaching retirement age, and that is benefiting the economy, according to a report released by the Senate Committee on Aging.
Maine Sen. Susan Collins chairs the committee. “The number of workers ages 65 to 74 is projected to grow by more than 4 percent annually,” she noted during a hearing on the issue Wednesday morning.
The number of Americans over age 55 in the labor force is projected to increase from 35.7 million in 2016 to 42.1 million in 2026. By that time, the study predicts, aging workers will make up nearly one-quarter of the labor force.
Collins says there are often obstacles facing those who want to continue working and those need to be addressed.
“Age discrimination. Managing health conditions. Balancing family caregiving responsibilities with work and preparing financially for retirement are prominent challenges faced by aging workers,” Collins said.