Retirement worries keeping more seniors in workforce: GallupNews added by Benefits Pro on October 21, 2013

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By Paula Aven Gladych

More seniors and fewer young adults are in the workforce now compared with 2010, according to the latest Gallup survey.

Gallup said it found a 3-percentage-point increase since 2010 in the number of workers over the age of 65 who work full- or part-time through an employer, are self-employed or are unemployed and looking for work. Over the same period, it found a 2-percentage-point drop in the number of people between the ages of 18 and 29 who are in the workforce.

The results are based on more than 350,000 interviews per year with U.S. adults over the age of 18. Many families are still trying to make regain the losses they sustained during the recession and that is why so many older people are still in the workforce, Gallup said. Many younger people, meanwhile, moved back home with their parents and some went back to school.

The survey also found that Americans’ biggest financial concern continues to be funding retirement, with 61 percent of respondents saying they are worried they won’t have enough money when they stop working. Many older workers are choosing to work longer, with half of U.S. adults who earn at least $75,000 annually saying they want to continue working.

The 2013 survey was conducted in September. Gallup interviewed 264,670 adults, including 37,407 people under the age of 30 and 77,108 over the age of 65.

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