Old and Grey in the USA

From here

Nearly half of those now aged 56 to 62 and some 44% aged 46 to 55 now are at risk of not having sufficient income to pay for basic retirement expenses and uninsured medical expenses, according to the latest Retirement Readiness Rating report released this week by the Employee Benefit Research Institute. The study, which assumed that boomers would retire at age 65 found that lower-income retirees are most likely to run out of money after 10 and certainly 20 years of retirement, while higher-income retirees are least likely to run out of money. 41% of those in those lowest income quartile are likely to run short of money after 10 years of retirement, and 57% after 20 years. Meanwhile, just 5% of those in the highest income quartile will run out of money after 10years, and 13% after 20 years.

In reality, most Americans don't run out of money, they run out of lifestyle. As they age and spend down their assets, they typically reduce their living standard. They take action either to spend less or work more or some combination to forestall running out. After factoring in health-care and long-term-care costs, the National Retirement Risk Index, or NRRI, produced by Boston College's Center for Retirement Research, finds that some 65% of American households are at risk of not having enough money to maintain their living standard in retirement.

According to Sun Life Financial's Unretirement Index the portion of Americans who plan to work past age 67 is higher than ever: a record 55% plan to work full- or part-time, up from 52% one year ago. And the percentage planning to work full-time past age 67 reached a new high of 28%, up from 19% one year ago. Because of the economic crisis, according to Sun Life ,sixty-five percent said they will have to work more than one year longer, compared to 54% in the last index. And 27% said they will have to work more than five years longer, compared to 24% in the last Index.

Why are they working longer? To earn enough money to live well and maintain their standard of living