Older workers staying on the job longer

05.17.09
By Lewis Green

While much of the news today is focused on job loss, there is one segment of the population that seems to be hanging on to their jobs despite reaching retirement age.

A new survey by the Center for State and Local Government Excellence shows that government employees are increasingly delaying retirement due to the current economic conditions.

The report issued by the organization called A Tidal Wave Postponed - The Economy and Public Sector Retirements says that 49 percent of respondents said they had 20 percent or more of their employees delaying retirement and the overwhelming reason was the economy.

This trend is largely unsurprising given the amount of wealth lost around the nation and the diminishing value of retirement portfolios that many older Americans need to live off after they stop working.

While delayed retirement of older employees of the state and local governments means important job knowledge will remain in the system, once the economy rebounds officials worry there will be a mass exodus of retirees leaving a gap in the workforce.

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Personal finances keeping more at work for longer