Labor force participation of individuals age 55 and older decreased from 34.6% in 1975 to 29.4% in 1993. Since then, the rate has been steadily increasing, reaching 38% in 2006. In 2006, 44.9% of men and 32.3% of women in this age group were employed (Source: Employee Benefit Research Institute, 2007).
A recent survey found that 51% of U.S. workers were worried about paying for health care when they retired, and 35% were concerned that a major medical expense would wipe them out financially (Source: Watson Wyatt, 2007).
While 76% of women responding to a recent survey indicated that life insurance was very or somewhat important, only 14% of women had sufficient coverage to replace three years of income (Source: PR Newswire, 2007).
The median job tenure for workers age 25 and older was 5 years in 1983 and 4.9 years in 2006. However, average tenure for men between the ages of 55 and 64 decreased from 15.3 years in 1983 to 9.5 years in 2006 (Source: Employee Benefit Research Institute, 2007).
Approximately one in 10 workers earning over $100,000 per year does not participate in their 401(k) plan (Source: Watson Wyatt, 2007).