• by Jack Loechner , Staff Writer @mp_research, December 2, 2013

According to the Associated Press-NORC Center for Public Affairs Research national survey of adults ages 50 and over, the population segment is not only growing rapidly in numbers, but is also becoming substantially healthier. Projections show that the U.S. population age 65 and over will increase to 19% of the population by 2030, up from 13% in 2010, an estimated 72 million people. At the same time, people age 55 and over comprise the fastest growing segment of the workforce. By 2020, approximately one fourth of American workers will be 55 or older.

Trevor Tompson, director of the AP-NORC Center, points out that “… retirement is not only coming later in life, it no longer represents a complete exit from the workforce… the survey reveals strikingly different views of retirement among older workers today than those held by the prior generation.”

Key findings of the survey include:

• The average age of those who report retiring before The Great Recession was 57, while the average for those who retired afterward is 62
• The line between working and retirement is shifting, with 82% of Americans age 50 and older who are working, but not yet retired, saying it is likely or very likely that they will do some work for pay during their retirement
• Of those who are currently working, 47% now plan to retire at a later age than they expected when they were 40. Financial need, health and the need for benefits were cited as the most important factors in the retirement decision
• 61% of older workers favor raising the cap on income subject to Social Security taxes and 41% favor reducing Social Security benefits for those with higher incomes. In contrast, 29% favor gradually raising the minimum Social Security age and 21% favor changing the way benefits are calculated so that cost of living increases are smaller
• 39% of workers age 50 and older report having $100,000 or less saved for retirement, not including pensions or homes; and 24% have less than $10,000
• Among those who are retired, one third report that they did not have a choice in the matter. That figure increases to 54% for retirees under age 65
• 20% of working Americans, age 50 and older, report that they have personally experienced prejudice or discrimination because of their age in the job market or at work since turning 50. 44% of those who experienced discrimination have looked for a job in the past five years compared with 16% who did not report discrimination
• 28% of people who work or worked in professional services see age as an asset, while only 3% in manufacturing hold that view. Those with older bosses are more likely to consider age an asset to their career. (39% vs. 20%.)

Additional information, including the Associated Press stories based on the survey results and the survey’s complete topline findings can be found on the AP-NORC Center’s website, here.