Even the Rich and Famous Can’t Retire
We may need to plan differently to enjoy our “Golden Years”
Eric Idle is finding out there’s nothing funny about running out of money during your retirement.
Idle isn’t alone in that realization, but what makes him stand slightly apart from the crowd is that he’s a founding member of the comedy group Monty Python, and is arguably one of the most famous and successful comedians of all time.
Idle recently revealed on social media that he’s having to keep working at age 80 for financial reasons, and that working is “not easy at this age.”
Idle’s situation is increasingly common. Nearly 19% of Americans over age 65 are currently in the workforce. In the 1980s, only 11% of working people were aged 65 or older.
Why are there so many older people working?
In part, headlines about older people staying in or going back to jobs are due to a positive development: people are living longer and feeling better as they age.
However, many older people are working because they feel they have no choice. Not, like Eric Idle, because they may be trying to maintain a high-profile lifestyle, but because they feel they don’t have enough money for basic survival.
