job market

7 Major Financial Obstacles Retirees Are Facing in 2017: The Job Market

This is part three of a seven-part series detailing challenges retirees are currently charged with overcoming in order to enjoy a financially stable retirement.

Whether they do not have enough saved for retirement, are anticipating the disappearance of Social Security or they simply want something to do, people today are working longer and retiring later. Going back to work is a reality for many who are looking for supplemental income in retirement. According to the Bureau of Labor Statistics (BLS), the median working age in 2016 was 42.2 years old, compared to a median working age of 41.9 in 2014, 40.3 in 2004 and 37.7 in 1994. The BLS also reports that between 2004 and 2014, the number of Americans at least 55 and older who were active in the workforce increased by 47.1%, and that percentage is expected to grow 20% in the next 10 years. Despite the fact that seniors are working longer, the job market for older workers can be challenging.

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