As the record-long U.S. economic expansion continues, more seniors than ever appear to be putting off retirement.
According to data from Deutsche Bank Securities chief economist Torsten Slok, the employment to population ratio for those aged 65 and over hit 20 percent in July – a record high.
Employment among the demographic has been on an upward trajectory for about 20 years.
As previously reported by FOX Business, 30 percent of baby boomers between the ages of 65 and 72 were either working or looking for work in 2018 – higher engagement rates than what was observed among previous generations at the same age.
The baby boomer generation typically refers to those born between 1946 and 1964.
The trend was consistent among both men and women.
Retirement savings challenges – as life expectancies increase – are one reason Americans might be opting to stay in the labor force.
According to a report from the Government Accountability Office (GAO), nearly 30 percent of people over the age of 55 have no retirement savings and no pension plan. Meanwhile, the personal savings rate has declined from 14.2 percent in 1975 to 6.8 percent in 2018.