Monterey, CA Seniors 65-74 Faring Better Financially Than Other Age Groups

A new study by AARP has found that those in the 65-74 age group have fared better than other economic groups since the recession.  The median assets of people aged 65-74 doubled between 1989 and 2013, a far greater gain than other groups experienced.  Many senior citizens aren't having an easy time, and one of the biggest challenges is that people are living longer so they need to make their retirement funds stretch.  This sometimes requires working well past they had planned to.  In the late 1990's, only one in five Americans in their 60's had a job.  That has since risen to one in three.  Working into your late 60's does have its benefits.  If you can afford to work longer, every year you postpone retirement increases your payment by 8% (up to the age of 70).