Statistics are indicating that people are choosing to continue working longer than they used to years ago. Obviously there are financial motivations for many, and it should be noted that your Social Security benefit will be greater if you delay applying for your benefit until you are 70 years of age.
The Sloan Center on Aging & Work at Boston College does a lot of valuable research on the subject, and they state that the labor force participation rate has increased by 10% among people who are at least 55 years old over the last couple of decades.
The average retirement age has gone up as well. Using a data analysis from 2011 we see that the average retirement age for men was 64 and for women it was 62. Back in the middle of the 1990s the average retirement age for women was 60 and the average retirement age for men was 62.
While many people do indeed need the money, others decide to continue working because they enjoy what they do and they want to keep active.
According to a survey most employers found that this increased longevity in the workplace was more of an opportunity than a risk. Many expressed the fact that they felt comfortable having highly experienced people around for a longer period of time.
Of course, people remaining on the job for a longer period of time will invariably reduce the openings that become available for younger members of the workforce.