More Americans are delaying their retirement, with those who are 65 or older becoming the fastest expanding segment of the U.S. workforce. This group now accounts for just under 20% of the workforce and is predicted to further grow over the coming decade. Renowned figures such as Pope Francis, who led the Catholic Church until his death at 88, and Warren Buffett, who recently announced his stepped-back role at the age of 94, reflect this trend.
According to the Center for Retirement Research, by 2024 the average retirement age in the U.S. was 64 for men and 62 for women. However, extending work life may provide far more than just additional income. In fact, some studies suggest that working a year beyond conventional retirement age could reduce risk of mortality by about 10%, whether the worker is healthy or already dealing with health issues.
Particular findings include the following: lower risk of mortality and chronic illness; increased lifespan; better physical health; improved cognitive function; enhanced mood; and a sense of social connection and purpose. There are, however, some concerns over job quality, stress and burnout, slower injury recovery, impacts of income inequality, and potential implications for Social Security.
However, the consensus appears to lean towards the idea that staying employed into traditional retirement years can promote better health, cognitive sharpness, and social engagement. But the real benefits depend on the quality of the job, personal choice, and a supportive workplace environment. For many older adults, a middle ground-meaningful employment mixed with adequate rest, health care, and leisure-may be the healthiest path.