More Columbus seniors are working past 65
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Nearly 1 in 4 Columbus seniors are working past the age of 65, a decision senior advocacy groups say is often driven by fear and financial insecurity.
Why it matters: At an age when people could historically retire and get full social security benefits, nearly 23% of Columbus seniors — or over 23,000 people — remain in the workforce.
- That's above the national average of 21%, per a new study that examined census numbers for the percentage of people aged 65 and over who were actively employed in the last 12 months.
What they're saying: Many find meaning and connection through the jobs they do, but for others, a high cost of living means they can't afford to step back, Jason Erskine, a spokesperson for AARP in Washington, told Axios Seattle's Christine Clarridge.
- "Whether it's housing, utilities, groceries or pain at the pump — older adults are finding themselves squeezed financially," Erskine said.
Zoom in: In a 2021 survey of 1,375 Central Ohio adults 50 and older, 33% said they were employed in some capacity.
- When asked why, 20% said they find work rewarding — but 9% said they couldn't afford to retire and 9% said they needed health insurance.
- Credit card and medical debt are increasingly becoming barriers, Marisa Sheldon, director of OSU's Age-Friendly Innovation Center, tells us.
By the numbers: In Columbus, the median household income for workers aged 65 and over is $45,395.
- That's well below the city's overall median of nearly $62,000 in 2022, per census data.
The big picture: Americans retiring now are the first generation forced to rely on private savings, 401(k) plans and IRAs, which don't generate steady and predictable income the way pensions and Social Security do, Axios' Felix Salmon reports.
- Just 36% of those 55 and older — nearing typical retirement age — say they'll be able to retire at the time they expected and 20% say they don't think they ever will, according to a recent Axios-Ipsos poll.
What's next: The Bureau of Labor Statistics projects that older workers' labor force participation nationwide will continue to rise over the next decade.