A quarter of Indy seniors are working past 65
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Roughly 1 in 4 Hoosier seniors are working past the age of 65, a decision senior advocacy groups say is often driven by fear and financial insecurity.
Driving the news: At an age when people could historically retire and get full Social Security benefits, 25.5% of Indy seniors — or 28,944 people — remain in the workforce, according to a new study of recent census data from the U.S. Chamber of Commerce.
- That's above the national average of 1 in 5.
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," he said.
- In a recent AARP survey, 87% of older workers pointed to their paycheck as a leading reason for why they are continuing to work.
Zoom in: In Indianapolis, the median senior household income is $46,406, per the study.
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' Erica Pandey 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 1 in 5 say they don't think they ever will, according to a recent Axios-Ipsos poll.
Zoom out: The Bureau of Labor Statistics projects that the labor force participation of older workers will continue to rise from 26.6% in 2022 to 29.9% in 2032 for people aged 65 to 74 and from 8.2% to 9.9% for those 75 and older.