Is Working Longer a Good Prescription for All?

onsdag, 06 desember 2017

Working longer is one of the most effective ways to improve prospects for a secure retirement. It increases monthly Social Security benefits, and shortens the period of retirement that assets need to cover.

Working longer is also widely seen as a reasonable response, because people are living longer and healthier lives.

The question is whether this prescription is realistic for individuals across the socioeconomic spectrum. This brief addresses this question by synthesizing the findings of a series of five recent studies conducted by the Center, using educational attainment as the measure of socioeconomic status (SES).

The brief’s key findings are:

•Working longer is an effective way to boost prospects for a secure retirement, but is it realistic for workers across the socioeconomic (SES) spectrum?
•The Center examined this question in a series of studies funded by the Alfred P. Sloan Foundation, using education as the measure of SES.
•Given rising life expectancies, the analysis finds that it is reasonable for lower-SES workers to work somewhat longer.
•However, it may be harder for them to extend their worklives, as they plan to retire earlier and face narrower job options than their higher-SES counterparts.