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Working Past Sixty-Five - 12/4/15

According to the Bureau of Labor Statistics, nearly eighteen percent of people aged sixty-five and older are still working in some capacity.  That compares to fewer than twelve percent in nineteen ninety five.  There are many reasons for this, including the growing fear felt by many Americans that they will outlive their savings. 

As reported by the Associated Press, Wells Fargo survey data indicate that thirty four percent of workers aged sixty-plus intend to work until they die or are too sick to work.  According to a recent report from the Transamerica Center for Retirement Studies, slightly more than forty percent of U.S. workers hope to cut back hours or transition to a less demanding position before retirement. 

In response, a small number of employers are offering phased retirement, which allows retiring workers to go part time while also mentoring their incoming replacement.  The Society for Human Resource Management estimates that the eight percent of employers offer phased retirement. 

Other employers provide short-term contracts that offer older workers greater flexibility.  These forms of accommodation appear sensible.  Given the nation’s low labor force participation rate, many businesses are working to hold onto their more experienced workers.

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.