Older Americans Staying in Workforce Longer

By: Gabrielle Sarann Email
By: Gabrielle Sarann Email

Valdosta, GA - August 9, 2011

Mike Rentz is going on his 33rd year working at Barnes Drugstore in Valdosta. He's 57-years-old.

"There's a certain amount of drive that you need to work and to have a good quality of life," says Rentz, the director of retail pharmacy.

It's a lifestyle that's becoming harder to achieve and forcing older Americans to delay retirement by working longer.

Rentz says, "As head of the household I want to be sure my family is taken care of and all their needs are met and they have the special things in life."

The Employment Benefit Research Institute says over 40 percent of people 55 or older are staying in the workforce longer. Compared with 30 percent in 1993. Experts say older workers do so to access benefits, pay for medical care and accumulate assets for their 401 (k) plans.

For Rentz, that will mean retiring at 65. Five years later than he'd planned.

"The economy is not what we thought it would be 30 years ago," says Rentz. "The return on our investments are nowhere what we thought it would be. Retirement age has been pushed back."

Rentz says at 60 he'll start evaluating his monthly income from retirement investments, but for many, that planning will come years later.

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  • by Anonymous on Aug 10, 2011 at 04:49 AM
    That's because many places are raising the retirement age (just like the state of Florida).
  • by SS Benefits Location: Tallahassee on Aug 10, 2011 at 03:24 AM
    I challenge anyone on SS right now to prove that within 3 years of when they began recieving the benefit, it was already far more than they contributed. Quit complaining, you are getting something for nothing already.
    • reply
      by Something for nothing??? on Aug 10, 2011 at 04:47 AM in reply to SS Benefits
      What about all the years of work and contributing to the fund??? That is nothing?
    • reply
      by Anonymous on Aug 10, 2011 at 04:51 AM in reply to SS Benefits
      can't be done. It takes a little longer than 3 years to get back what you paid in. Most people(retiring now) have paid in for 40-50 years.
      • reply
        by SS Benefits on Aug 10, 2011 at 11:37 AM in reply to
        Even paying into the system for 50 years, it does not add up. The percentage was less than 2% for 30 of those years. Just as I thought, the majority of you have no idea how much you have paid in. I have been working since 1972, and still have not paid in $40K. So after probably 4 years, I would have received all of what I paid in assuming an unheard of rate of return.
  • by Anon on Aug 9, 2011 at 11:51 PM
    It's all Bush's fault, of course.
    • reply
      by conservative democrat on Aug 10, 2011 at 10:57 AM in reply to Anon
      no it's Rick Scott's!!
  • by Anonymous on Aug 9, 2011 at 07:54 PM
    No way can anyone survive at 2009 rates or even today`s cost of living when Soc. Sec. is still back in the early 1990s benefit levels. Conservatives need not mention it an entitlement - it is not a gift but a return for decades of taxes paid into the fund. I bet it would be solvent past 2035 if all of the conservatives gave up their claim to the monthly checks.
    • reply
      by Gman on Aug 10, 2011 at 10:05 AM in reply to
      Huh... Don't you mean all the check grabbers give up their entitlements??? Conservative has nothting to do with the raping of the Social Security System that has occurred by the Democrats to support their "entitlment" programs!!!! It was set up for Retirement ONLY!!!!!
  • by len on Aug 9, 2011 at 07:29 PM
    work longer to support those that have NOT payed any thing into SS ,,and word longer to help pay those to sorry and lazy to work ,,,but they can have babies and get them checks
    • reply
      by kj on Aug 10, 2011 at 02:56 AM in reply to len
      AMEN ,,so true ,,and this is whar is wrong in the world today ......
  • by Jethro Location: T. Town, Florida on Aug 9, 2011 at 07:02 PM
    Snotnosed punks! Too many snotnosed punks in the workforce, snotnose! thankyou Mr. Rentz! Don't wipe the noses of any of these snotnosed punks! They will always have snot hanging from the end of their noses, and you will always be the backbone of the community! Now you snotnosed punks, go wipe your snotty noses, you snot nosed punks! Word!
    • reply
      by Jane on Aug 10, 2011 at 05:38 AM in reply to Jethro
      One of the clearest cases of dementia I have seen in quite a while. Truth is, old people are clogging up the job market just as their cholesterol clogs their arteries. Both conditions bring death. Quit, retire, die, just get on with it...
      • reply
        by Mary on Aug 10, 2011 at 07:11 AM in reply to Jane
        You need to remember you also will get old. MAYBE!
        • reply
          by Jethro T. Town, Florida on Aug 10, 2011 at 09:00 AM in reply to Mary
          Very well said indeed!
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