Retirement can seem like it’s a long way off … and sometimes, it really is.
The Wall Street Journal reports that more and more American workers are delaying retirement, and it’s primarily for the reason you might think: After the recession, many people safely on the retirement track found themselves derailed as their savings and investments took a nosedive.
The Journal cites research from the Conference Board, conducted in 2012, which found that 62% of workers aged 45-60 are planning to push off retirement to make up some financial ground. This is compared to the 42% of the group who said they would do the same only two years before.
The Journal writes, “The American workplace is about to get grayer,” which is a great way to describe the fact that with said retirement-delayed workers sticking around, a larger portion of the workforce will be older than it has been in the past. It’s not completely unexpected, though—the workforce has been aging for decades.
Another interesting point: While workers may intend to delay their retirements, stepping down is sometimes out of their control. Health issues, layoffs or just plain exasperation might lead them to deviate from their plans.