Benefits April 3, 2007

More Californians Working Longer

April 3, 2007 (PLANSPONSOR.com) - In an era that has seen renewed interest in phased retirement to allow people to enjoy working longer, a new study has found that older Californians are doing exactly that.
Reported by

The California Budget Project survey found that the percentage ofGolden State working women age 55 to 69 climbed 9.2% since 1995 and a comparable figure for men leaped by 10.6% in the same period, a news release said.

Generally, the report said, nearly 62% of Californians ages 55 to 64 were employed last year, compared to 58.6% in 2000 and 54.2% in 1995.

According to the report, there was a smaller increase during the same period among Californians 65 to 69 years old. In that age group, 26.5% were employed last year, compared to 22.1% in 2000 and 19.6% in 1995.

As reasons for the trend, the study cited:

  • longer life expectancy,
  • a healthier older population,
  • a desire among retirement-age people to stay active; and
  • economic factors.

Nationally, 72% of workers ages 55 to 59 and 60% of workers ages 60 to 65 cited financial reasons for continuing to work.

The report said the percentage ofCalifornia workers with a job-based pension plan dropped from 57.7% in 1980 to 49.4% in 2004.

A report summary is here .

The California Budget Project is a nonpartisan research group that focuses on public policy matters, according to the announcement.

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