During the summer months this year, an average of 35.9% of men 65 to 69 years had jobs as did 25.6% of women in that age group. Both figures are the highest for those months since those numbers became available in 1981. Additionally, the employment rate for women 70 to 74 was higher than any previous summer.
On the other hand, the percentage of people under 30 with jobs remained far less than it was before the recession. Older people are putting off retirement while younger people are having trouble getting jobs.
Experts are calling it the 401(K) effect. 401(K)s are not a substitute for defined benefit pensions.
Younger and older people have a genuine common interest in strengthening Social Security and increasing Social Security benefits!