Retirement & Financial Planning Report

The trend of more workers staying on the job is continuing although it has flattened out somewhat, according to a recent report by the Employee Benefit Research Institute.

The study found that among those 55 and older, 40.3 percent were working in 2012, down slightly from the 2011 rate of 40.5 percent, but still well above the 29.3 percent rate of 1993. T

“The upward trend in labor-force participation by older workers is likely related to workers’ current need for continued access to employment-based health insurance and for more years of earnings to accumulate savings in defined contribution (401(k)-type) plans and/or to pay down debt,” EBRI said. “Many Americans also want to work longer, especially those with more education for whom more meaningful jobs are available that can be performed into older ages.”

One impact, though, is that older workers’ continued participation in the labor force is limiting opportunities for younger workers.