To retire or not to retire? For many workers, the "new retirement" is no retirement....
"[B]oomers now hitting retirement age are hanging onto their jobs like pit bulls, and sometimes forgetting to retire altogether. In fact, it would be easy to conclude that boomers - people born between 1946 and 1964 - are a bunch of workaholics." (June 2013)
Why retire later? U-M experts show how to encourage longer careers.
"What if every U.S. worker got an automatic 10 percent pay raise at age 55? According to a new University of Michigan study, most people would work quite a bit longer to enjoy the extra income before they retired. By eliminating social security payroll taxes starting when workers are 55-years old, the study shows that take-home pay would jump by 10.6 percent and they would work 1.5 years longer on average, paying more income taxes and helping to reduce the Federal deficit." (September 2012)
Conscientious people earn more and save more for retirement.
Americans who are more conscientious have higher lifetime earnings and save more for retirement, according to researchers at the University of Michigan Retirement Research Center. Individuals who are at the 85th percentile of conscientiousness earn about $1,500 more per year than the average American, which amounts to about $96,000 more in lifetime earnings and $158,000 more in lifetime savings. (March 2011)
Older Americans: How they are faring in the recession.
Older Americans have weathered the financial crisis relatively well, although many now expect to work longer... (September 2009)
Most seniors have drug coverage, study shows.
More than 90 percent of Americans age 65 and older have prescription drug coverage today, compared to 76 percent who were covered in 2004.