Bob Orozco barks out instructions like a drill sergeant. The 40 or so older adults in this class follow his lead, stretching and bending and marching in place.
It goes like this for nearly an hour, with 89-year-old Orozco doing every move he asks of his class. He does that in each of the 11 classes he teaches every week at this YMCA in Laguna Niguel, California.
“I probably will work until something stops me,” Orozco says.
He may be an outlier, still working at 89, but statistics show that there may be more people like him in the near future. About 1 in 4 adults age 65 and older is now in the workforce. That number is expected to increase, making it the fastest-growing group of workers in the country.
Older adults are turning their backs on retirement for many reasons. Some, like Orozco, just love what they do. Others, though, need the money, and there are a lot of reasons why they do..
The days of working for one company that would take care of you after you retire are long gone. Few private sector workers now have traditional, defined benefit pensions, where you’re paid a fixed stipend for life depending on your salary and years of service.
Most retirement funds now are 401(k) types, where the employer and employee contribute a fixed amount and the money is invested in the stock market. During the worst of the last recession, 401(k) accounts lost almost one-third of their value. That was enough to change some would-be retirees’ plans.
Continue Readng: https://www.npr.org/2019/10/02/751797229/the-new-realities-of-work-and-retirement?utm_source=npr_newsletter&utm_medium=email&utm_content=20191006&utm_campaign=best-of-npr&utm_id=32440946&orgid=
Thank you NPR for your excellent and informative articles! Submitted by Pat France, MSRN Member