Millennials will have to work more years than their parents

Who says millennials are lazy? The age of retirement is reveals that in order to maximize benefits, workers are pushing themselves more than ever before.

In the mid-1990s, the average age of retirement was around 60. Then that number crawled to 61.8. Today, those born between 1955 and 1987 are expected to work until they’re 62 or 63. That number is only projected to keep growing, and it’s happening for a lot of reasons.

The biggest reason is money. The more someone works, the more savings and Social Security benefits they acquire, which means the more stable they will be once they decide to retire. But then there’s another issue — some of the benefits from 20 years ago just aren’t there anymore. According to Matthew Rutledge, co-author of the study at the Center for Retirement Research at Boston College, all this uncertainty could up the age of retirement to 66. He believes these extra years are crucial in keeping the retiree financially secure.

While finances are a big part of it, it’s not a stretch to blame this on cutthroat corporate culture. There’s a lot of emphasis on the “hustle,” on just how far someone can push themselves. This attitude is inspiring at times, but it’s important to know when we’ve taken it too far.

The biggest takeaway from this is to ensure that you’re living your life doing something you’re passionate it about, so that when the time comes to retire, whether you’re sixty or even 70, you’re still sad to see it go.

(Image via Shutterstock.)