7 hard truths about working beyond retirement age
Most seniors see a drop in income
According to the Census Bureau, workers between 65 and 74 earn 18% less than those between 55 and 64. Why is that? “Much more of that employment at upper ages is part-time,” says Sara Rix of the AARP Public Policy Institute. “The unfortunate thing is that when you move to a new job, you’re generally not as valuable to your new employer." Indeed, the careers of workers who are past retirement age generally follow one of two widely divergent paths. Those seniors who are skilled (or fortunate) enough to retain their full-time jobs continue to earn just as much as ever — maybe even more. But older workers who are pushed out the door by long-time employers often must take lower-paying, part-time positions — think Walmart greeter — and see their incomes fall dramatically.