Why More Americans Are Working Past Age 55

That was the title of a recent article in Charles Schwab’s investment magazine, which the company sends out to its investors. They could’ve changed the age to 62 or 65. The answer would be the same, but it took them more than 200 words to say medical insurance costs are outrageously high even if you’re old enough to be covered by Medicare.

And the article also noted:

“Many older workers saw their retirement portfolios balloon during the late 1990s bull market and opted to retire early. However the bursting of the technology-fueled bubble and the resulting bear market between 2000 and 2002 dramatically devalued those new retirees’ portfolios. Subsequently, some Americans who had taken early retirement found they had to return to work.”

There was no mention of the fact that even with the new drug plans, retirees still can’t afford to buy all the drugs they need.

And think about this–many senior citizens didn’t save a dime while they were younger. So, the answer to the question, why are they still working? They have to!

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