If you're over the age of 65 and still working, you are in good company. As reported by Bloomberg, in February 2019, the participation rate of 65-plus workers in the labor force has reached 20 percent for the first time in 57 years. Paradoxically, the Boomers who are most likely to be working are more educated, better off, and healthier, while less educated, working-class Boomers are struggling to remain employed. Those individuals with less than a college education participate in the labor force at a rate of about 10 percent.

Working after the traditional retirement age is becoming the norm for more and more Boomers. While a good percentage of Boomers want to work, many have to work for economic reasons. It is estimated that even the maximum Social Security monthly payment, which a Boomer can draw beginning at age 70, will only replace at most half of one's pre-retirement income. It's a generally accepted fact that, after Boomers stop working altogether, they need about 80 percent of their pre-retirement income to live, according to the Bloomberg report. As I've written in the past, the retirement savings accumulated by most Boomers puts them in a precarious position, especially given the reality that Boomers are living much longer than previous generations. Because of the 2008 recession, Boomers may have lost a significant portion of their retirement portfolio and it has taken years for their savings to recover.

Thankfully, work options do exist for Boomers, even if they are vulnerable in their current positions. A robust economy means far more jobs are available, although a large percentage is, admittedly, in lower paying positions. Still, full-time, part-time, and self-employment opportunities are available. "Gigs," or contract jobs, are also plentiful, and many of them enable Boomers to work from home on a flexible schedule if desired.

As Boomers are well aware, life is all about compromise. If you have to work and you're over 65, you can probably get a job. You just might have to lower your expectations.

Image: Pixabay

Have you heard about the new book, Boomer Brands?