As Americans grow older and healthier, many are choosing to stay in the workforce.
In fact, data from the U.S. Bureau of Labor Statistics indicate that people above age 65 are working at an all-time high and that trend is expected to continue.
That trend could be boosted even more with the recent, rapid decline of the stock market due to the global outbreak of the coronavirus. But more seniors would be doing it purely for financial reasons, as they recalculate how much they need to retire, according to a survey by SimplyWise.
More than 40% of respondents in the survey conducted March 3 and March 4 indicated that they would continue to work as a result of the prolonged stock market woes, the survey said. More than one in three said they would work an additional five years. And on average, those delaying retirement would work an additional five years.
Americans also are thinking of ways to make the best of Social Security in the event of a prolonged stock market drought. The SimplyWise survey found that more than one in four Americans are considering moving up the date at which they collect Social Security, noting that this is even more significant when considering that around a third of Americans already claims Social Security at this earliest possible date.
What’s more is that nearly one in four respondents said a prolonged downturn in the stock market would most likely cause them to resort to desperate means, such as selling their house, car or another physical asset.