Do you ever wonder how to stack up in the race to retirement? Are you working longer than your Baby Boomer peers, or retiring earlier?
As reported recently by MSN Money, the United States Census Bureau recently completed a study evaluating the labor force participation rate, per state, by residents aged 65 years or older.
In 1990, only 12.1 per cent of people aged 65 or older (or about one in eight) were still in the American labor force, but by 2010, that number had jumped to 16.1 per cent (or about one in six). But those numbers hide a wide range across different states.
For example, in Nebraska, nearly 30 per cent of older men still work, but in Puerto Rico, that number is less than 10 per cent. Among women, the highest numbers are recorded in Washington, DC, with 17 per cent of older women still working, compared to a low of 4 per cent in Puerto Rico.
So if your retirement plans include a future in a Florida active living community, it’s important to speak with your retirement advisor and evaluate how much money you will need to enjoy the comfortable retirement that you are looking for.