Additionally, rising health care costs have hit older Americans especially hard. A couple retiring today, both age 65, can expect to spend $280,000 on their medical care over the rest of their lives, according to Fidelity Investments.
Separate research from Vanguard shows that among its clients, the average 401(k) plan account balance for people age 65 and older was $196,907 in 2016. The median account balance — half fall below, half above — is far lower, at $60,724.
Meanwhile, Haefner said that some older workers might also be delaying retirement for the simple reason that they like their job.
“They might be feeling more valued by their employer than they did 20 years ago,” Haefner said. “They have great institutional knowledge, and they’re great trainers and mentors. It’s a way they can stand out from their coworkers.”
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