An inconvenient truth: The road to retirement means working longer. investinyou (In partnership with acorns.)
div > div.group > p:first-child"> Potential retirees at the lower and middle end of the economic spectrum simply can't afford to stop working, given the high costs of health care and housing, especially when you consider that only 1 in 3 Americans have access to retirement benefits through their employer.
Sadly, given their education and skill levels, the jobs that they are qualified for and may be able to fill are likely to be at wages lower than they earned previously. A recent Urban Institute study using Labor Department data found that of the 40 million Americans age 50 or above in the workforce, 22 million are facing forced retirement and 90% will earn less than they did before.
All too often, the required education and skill levels are in short supply for those entering the workforce. The situation is even worse for those nearing retirement age who need to keep working longer to cover their living expenses. Employers who obsess about the inability to find people entering the workforce with the right skills should think long and hard about making investments in building both the education and abilities of those in their workforce now.
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