The report found nearly 62 percent of Californians 55 to 64 years old were employed last year. That’s compared to 54 percent in 1995. The study also found just over a quarter of those in the 65-69 age group were working last year–a small increase. Executive Director of the California Budget Project Jean Ross says it’s largely because of financial insecurity:
“Many individuals who are approaching their retirement years report that they don’t have enough money to live on if they were to retire. A greater share report that they don’t think they’ll ever have enough money to retire on.”
Ross says rising healthcare costs and stock market declines in the early part of the decade may have contributed. She notes there are positive reasons, too: Californians are living longer and are healthier. Ross says the trends indicate how critical social security is for most Americans.