Millions of older Americans are working later in life due to the recession, according to a new survey by the Chicago Federal Reserve Bank.
The report found that 1.6 million older Americans are putting off retirement, leaving less jobs for younger workers and adding to the high unemployment rate.
Last year, 64.9 percent of Americans ages 55 to 64 were working or actively seeking work. That is up two percent from 2006, according to the report.
The vast majority of those who have put off retirement, have done so because of the recession. Despite the stock market gaining back much of what it lost over the recession, many older Americans’ investment portfolios have not returned to the level they were at prior to the recession. Others are just nervous about having enough money for retirement after seeing the stock market nearly crash, the housing industry crumble and the financial industry nearly fall.