About 10 million Americans are having to work past the age of 65 because of stagnate wages and corporate America’s choice to replace worker pension plans with 401(k)s, which depend on worker contributions and are at the mercy of the stock market.
CBS News business analyst Jill Schlesinger told overworked, elderly Americans to accept the situation created by corporations:
Hang in there until age 70, and your standard of living will improve nearly 75 percent.
Schlesinger based her advice on the pro-corporate National Bureau of Economic Research, which says that working to age 66 can increase the standard of living in retirement.
Schlesinger also advised Americans to save money (which they likely don’t have to save, thanks to rising inflation and stagnate wages):
Anyone who right now can work and can put away some money, it’s all the more important to do so as early as you possibly can.
(Source: CBS News)