Everyone, Back in the Labor Pool
Time (07/29/02) p.23; Kadlec, Daniel

With pension benefits diminishing and the stock market still in flux, the odds of older Americans having to work beyond retirement age are increasing. Until recently, it was a foregone conclusion that the average working American would retire by 65 at the latest. But with dozens of companies now scaling back on health-insurance benefits for retirees and a smaller percentage of Americans collecting guaranteed-benefit pensions from their employers--not to mention the recent rash of accounting scandals that have wreaked havoc on the stock market and eroded investor confidence--older working Americans have fewer post-retirement "nest-egg" options to rely on, leaving many no other alternative but to continue working, possibly well into their 70s.


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