In an era where retirement is traditionally seen as the golden years of relaxation and leisure, a notable shift is occurring. More Americans are choosing to work well past the age of 75, defying age-related stereotypes and expectations. This growing trend reflects not only the changing dynamics of aging but also the pursuit of personal fulfillment. Meet some of these remarkable individuals who are redefining the concept of retirement.
Peter Kraus: A Lifelong Passion for Rare Books
Peter Kraus, the 78-year-old owner of Ursus Books in Manhattan, is a prime example of this trend. He embarked on his career at the tender age of 18 and has been passionately selling rare books for over six decades. Kraus’s commitment to his work is unwavering, a testament to the idea that work can be a source of joy. “I adore what I do, and I’ve never contemplated giving it up,” he says. His passion has even passed down to the next generation, with his younger daughter joining the book business.
The Rise of the Over-75 Workforce
Kraus is part of a fast-growing group in the United States—individuals aged 75 and older who continue to work. While this demographic remains a minority within the overall workforce, the number of these older workers is increasing. Improved healthcare and a shift in attitudes towards retirement are two key factors driving this change.
The Changing Perspective on Retirement
Bob Morison, a senior advisor at Age Wave, believes that older Americans are different in attitude. They recognize that they have more years ahead of them and are eager to make the most of this time. A significant shift is evident when comparing statistics. In 2002, just 1 in 20 Americans over the age of 75 were still working. By 2022, this ratio had doubled to 1 in 12, and it is expected to further rise to 1 in 10 by 2032. This transformation reflects not only evolving career goals but also financial realities for some individuals.
Work That Brings Joy
Many older Americans continuing their careers beyond 75 do so for a variety of reasons. Some are deeply passionate about their work, while others relish the social connections and sense of purpose it provides. Additionally, public officials and business leaders are increasingly part of this demographic, raising questions about age and job performance.
Challenges and Concerns
As the workforce grows older, concerns about job performance also emerge. According to CBS News, over half of Americans feel that the roles of president and senator may be too demanding for individuals over 75. However, despite these concerns, advancements in healthcare have resulted in better health for those reaching traditional retirement age.
Health as a Key Determinant
One commonality among individuals working into their 70s and beyond is their good health. Maintaining physical well-being is essential, along with considering the health of family members who require care. Education also plays a role, with college-educated individuals more likely to continue working into their 70s. The professional and artistic fields are common domains for older workers, with a significant portion of them being self-employed.
The Joy of Artistic Work
One such self-employed individual is Shelly Clark, a 76-year-old singer, dancer, and actress, who first rose to fame in the 1960s. Clark emphasizes that her career is more enjoyable now than in her younger days. She attributes this to the freedom she has to call the shots and the decreased pressure to adhere to record company rules.
The Financial Reality
However, there is a darker side to this trend. Many individuals working in their 70s and beyond do so out of financial necessity. This often includes gig jobs like driving for Uber or working as cleaners and caregivers. Some simply lack sufficient retirement benefits, a situation that disproportionately affects women who have taken time off work to care for family members.
The Fear of Never Retiring
As retirement seems like an unattainable goal for some, younger workers are increasingly concerned about their financial future. One in five Americans believes they will never retire, citing financial worries as the primary reason. The reality is that a substantial number of low-income workers reach the age of 65 without any retirement savings.
Guidance from the Experienced
Amidst the challenges and joys of working past 75, the older generation offers valuable advice. Peter Tanous, an 85-year-old writer and investment advisor, emphasizes the importance of engaging work and maintaining physical health. Shelly Clark advises her peers to be smarter about their health and pacing themselves.
