Here's Why 62 Percent of Seniors Are Still Working at 65 and Older

A survey from the Provision Living senior living community found 62 percent of seniors 65 and older who are still employed are working for financial reasons, most commonly because they cannot afford retirement, reports the Motley Fool . The average retirement savings balance among still-employed seniors is just $133,108, and a yearly annual 4 percent withdrawal rate leaves only $5,324 in yearly income. The current $1,471 average monthly Social Security benefit adds up to $17,652 annually, further compounding the affordability problem. Forty-seven percent of survey respondents said they wish they were already retired, while 20 percent admitted they would prefer working with fewer hours. To avoid working past retirement, it is recommended to start saving for retirement at an early age and eventually maximizing Social Security benefits.