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Expand chart
Data: U.S. Census Bureau and PNAS; Chart: Naema Ahmed

The number of Americans in the workforce who are over 64 years old has tripled over the past 30 years.

Why it matters: Delayed retirement is a sign of health and affluence for some and a continued life of hardship for others. As society ages and people live longer, a 21st century idea of retirement is needed, Steve Vernon of the Stanford Center on Longevity tells Axios.

The big picture: Americans are working longer — out of choice or necessity. And the trend has broad implications for people of all ages, from younger workers mapping out their futures to older people planning their legacies.

  • 43% of Americans ages 45 years and older say they expect to outlive their savings, according to an Axios/SurveyMonkey poll.
  • 31% of Americans ages 40-79 said they would continue working into retirement age even without a financial need, according to a recent Harris Poll for TD Ameritrade.

"[T]here is more and more incentive to work longer, because the more you work the more you're going to contribute to the [retirement] plan and the more you're going to get from the plan," Richard Johnson, Urban Institute's director for the Program on Retirement Policy, tells Axios.

The state of play:

  • On one hand, the average retirement age is just 63 years old.
  • Poverty rates among the 65 and older group have fallen.
  • Since the 1980s, Social Security benefits have risen along with wages, Vernon said.

The other side:

Reality check: The mechanisms that once ensured an easy retirement may be disappearing, but a small percentage of American workers ever really benefited from pension plans.

  • "This image that we have that the prior generation of workers had generous pensions, is largely not right," Vernon said.

What's next: By the 2030s, one in five U.S. adults will be 65 or older, the Census Bureau projects. Life expectancy at birth will have risen to 82 from 79 in 2016, according to U.N. data. This could put tremendous strain on the nation's social security and health care systems.

  • It could become even more necessary for older generations to continue working, but opportunities for them may dwindle, especially for low-wage workers as jobs are automated.
  • “People want to work longer, but do the employers want them to work longer?" Johnson said about the tough sell of retraining senior employees.

The bottom line: A comfortable retirement at 65 is disappearing — and may have been mostly myth all along.

Go deeper:

Go deeper

45 million Americans under winter storm watches near New England

Computer model projection showing the winds moving around the powerful East Coast storm on Saturday Jan. 29, 2022. Image: https://earth.nullschool.net

Nearly 45 million Americans are under winter weather alerts and warnings from North Carolina to northeastern Maine Thursday night, as a major winter storm threatens the region.

Why it matters: It is predicted to be the biggest blizzard since 2018 to strike the Northeast with more than 2 feet of snow possible in parts of eastern Massachusetts, according to the National Weather Service.

Judge nixes Gulf of Mexico oil leases in climate-focused ruling

Tug boats prepare to tow the semi-submersible drilling platform Noble Danny Adkins through the Port Aransas Channel into the Gulf of Mexico on December 12, 2020 in Port Aransas, Texas. Photo: Tom Pennington/Getty Images

A federal judge on Thursday canceled the Biden administration's late 2021 sale of new oil-and-gas drilling leases in the Gulf of Mexico.

Why it matters: The ruling that the greenhouse gas emissions analysis by the Interior's Bureau of Ocean Energy Management (BOEM) was insufficient is a win for green groups that challenged the decision, as they seek to curb fossil fuel production.

5 hours ago - World

Zelensky questions U.S. warnings of "imminent" invasion in Biden call

Biden and Zelensky at the White House last October. Photo: Brendan Smialowski/AFP via Getty

President Biden and Ukrainian President Volodymyr Zelensky had a back-and-forth in their call this evening about just how "imminent" the threat of a Russian invasion might be, according to three sources briefed on the call.

Why it matters: Biden has said previously that he believes Russian President Vladimir Putin will probably "move in" to Ukraine, and White House press secretary Jen Psaki said Thursday afternoon that "an invasion could come at any time."