Working in Retirement
Broker gives working in retirement a new meaning
Working past the common retirement age of 65 is nothing new. Many baby boomers say they plan on working well past that age, but there is one man in particular who has taken things to a different level. At 105, Irving Kahn is the world's oldest stock broker and though he is pushing 106, he is not about to slow down, CBS News reports.
Kahn works for a brokerage firm on Madison Avenue that is in charge of an impressive $700 billion. He is very active in the day to day operations of the firm that shares his name, Kahn Brothers Group, Inc. Medical experts have examined Kahn's key to longevity but he says that working in such an exciting and fast-paced industry for more than 80 years has gone a long way toward keeping him on his toes.
"Being in a changeable world, which is always interesting," he told CBS about his longevity tricks. "That's one good aspect of Wall Street, you never know what the next hour will do."
Though Kahn is at one extreme end of the spectrum, he is certainly not alone when it comes to working in retirement. Though some people may be working into the 70s and beyond because of financial reasons, a number of adults are also looking at it as an excellent way to stay active.
The Bureau of Labor Statistics found that between 1977 and 2007 the number of people 65 years or older in the workforce rose by 101 percent. This is especially indicative of the growing trend given the fact that during the same time period, the number of adults 65 or older only increased by about 60 percent.
Working in retirement doesn't necessarily mean that you're staying at the same job. Reaching age 65 is the perfect time to embark on the career path or get the job that you have always wanted. This is reflected in the growing tendency of baby boomers to volunteer and work in non-profit capacities. According to the Corporation for National and Community Service, the generation has the highest volunteer rate of any other age group and Census info shows that the number of older adults volunteering will increase to 13 million by 2020.
Whether you choose to try your hand at a new career or stay active through volunteering, there are many benefits to working through retirement. For instance, if you have a part or full time job, you can delay dipping into your Social Security benefits to ensure you have it later on.
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