About 74 percent of Americans say they plan to work past age 65, according to a May study by economists Jay Bryson and Sarah Watt of Wells Fargo Securities LLC in Charlotte, North Carolina. Thirty-nine percent said they need to earn to make ends meet or maintain their lifestyle, and 35 percent wanted to stay employed.
“Many seniors simply aren’t in a position to retire,” said Watt, whose research was based on a Wells Fargo retirement survey done in 2011. “More people are hanging on to the job longer,” she said, as a result of the recession and some longer-term trends.
The job outlook may take time to improve as the world’s largest economy isn’t growing fast enough. Payrolls in May grew at the slowest pace in a year and joblessness has topped 8 percent for 40 consecutive months.
Many seniors take part-time, temporary and lower-paying positions to…
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