PHOENIX (3TV/CBS 5) -- Do you work hard for your money?
Sure, all of us do, but are you working longer in life than, say, your parents? Or grandparents?
If you were born a certain year, the answer is yes, according to a new study by the Pew Research Center.
[WATCH: Baby boomers working longer]
This story is all about people born from 1945 to 1964, also known as baby boomers.
A new study by Pew shows people on the older side of that scale, 65 to 72, are working longer compared to their parents and grandparents.
“In 2018, 29% of Boomers ages 65 to 72 were working or looking for work, outpacing the labor market engagement of the Silent Generation (21%) and the Greatest Generation (19%) when they were the same age, according to a new Pew Research Center analysis of official labor force data,” the report stated.
But why is this happening?
Some people of course need the money. They did not save enough or whatever the case.
But according to Jennifer Ward of the Arizona Employers Council, plenty are still working because they still want to.
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“They’re comfortable, they’re still in good health. They just don’t see any reason to leave and so a lot of people are sticking around,” she said.
There are also some positive financial reasons to waiting to retire. You can get more out of your social security benefit if you work longer in life.
For some tips on saving for retirement, click here.