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Younger job seekers face stiff competition for jobs as older workers refuse to retire, creating “a snarl” in the labor market, reports the Association of Mature American Citizens.
AMAC says that more and more individuals reaching the traditional retirement age of 65 are deciding to stay on the job because they need the money or because they prefer to keep active. Social Security benefits and pensions have not been keeping pace with the rising cost of living.
And, in a growing number of cases, so-called “golden agers” are living healthier and more energetic lifestyles and they benefit from the advances in medical care, according to several new studies. They feel a need to engage in active, rewarding routines rather than focusing on hobbies.