Update: Americans Are Not Retiring

"Almost 20 percent of Americans 65 and older are now working, according to the latest data from the U.S. Bureau of Labor Statistics. That’s the most older people with a job since the early 1960s, before the U.S. enacted Medicare.

Because of the huge baby boom generation that is just now hitting retirement age, the U.S. has the largest number of older workers ever.

When asked to describe their plans for retirement, 27 percent of Americans said they will 'keep working as long as possible,' a 2015 Federal Reserve study found. Another 12 percent said they don’t plan to retire at all.

Thirty-six percent of respondents told Transamerica they had worked past 65 mainly because they enjoy their jobs or 'want to stay involved.'

Education probably comes into play here. People with college and graduate degrees tend to work later than those with less schooling, according to a 2013 study by the Center for Retirement Research at Boston College. And since 1985, the share of older Americans with college degrees has tripled, to about a third of 60- to 74-year-olds.

Wealthy, educated people have gotten the biggest boost to their longevity, but even the least-educated Americans are getting a few more years than their parents did three decades ago.

Maybe it's self-perpetuating, a result of peer pressure. It has become increasingly normal to be over 65 and working, as more and more boomers reach retirement age, said Torsten Sløk, chief international economist at Deutsche Bank. Now that one in five older Americans has a job, he says, 'I would think this just continues to move higher.' - Ben Steverman via Bloomberg