Baby Boomers are expected to stick around the the workforce longer than previous generations, according to research by AARP.
The reasons for working beyond the standard age of 65 varies from the economic downturn to having formed an identity with their job. The study revealed more than 30 percent of Baby Boomers are still working.
AARP executive vice president Steve Cone says companies can expect to employ older workers for years to come.
"Baby Boomers will be a fixture in the workplace for years to come," says Cone. "Some are staying on the job to shore up their nest eggs; others just can’t imagine life without work. Either way, Boomers are changing the math on what 'retirement age' is."
According to the survey, more than half of respondents say they feel anxious about what the future holds within the next five years. Some forms of insurance may be able to ease such concerns.
Life insurance can be helpful for older employees who wish to stop working, but feel they need additional money sources beyond social security and their savings. Depending on the type of coverage purchased, some policies do provide income in addition to having a death benefit.