In the News
More saying 'no' to retirement, whether they need money or just love the work | Pittsburgh Post-Gazette
20 February 2014—Kevin E. Cahill, Center's research economist was mentioned on ww.post-gazette.com
“People today are working later than they have been for quite some time … as long today as in the 1970s,” said Kevin Cahill, a research economist for the Sloan Center on Aging and Work at Boston College. “The incentives have shifted in favor of work.”
Among the factors cited by Mr. Cahill and others:
- Changes to Social Security have postponed full benefits and reduced financial penalties for those who continue working.
- Shifts from guaranteed pensions to 401(k) benefit plans bring less certainty to retirement income.
- Savings rates among the working-age population have been dropping, and many people’s savings were hit hard by the recession of a few years ago that they haven’t fully recovered.
- Increased life expectancy has many people projecting they’ll need a bigger nest egg for retirement, and health improvements and the less grueling nature of jobs compared with the past enable them to stay active longer.