Final answer:
The increase in individuals working past retirement age is a trend of ongoing interest, affected by social security, pensions, and the shift in economic foundations as the 'baby boomer' generation reaches retirement.
This trend impacts the dependency ratio, challenges the labor force composition, and becomes increasingly crucial as social security benefits form a significant portion of income for the elderly population.
Step-by-step explanation:
The question concerns the phenomenon of people working past the traditional retirement age, which is a matter of interest both to social scientists and policymakers.
While specific numbers from the Department for Work and Pensions were not provided, the data shared shows a significant trend of people intending to continue work beyond retirement. A 2013 poll found that 76 percent of U.S. workers believe they will work past retirement age, a sentiment supported by a 95 percent confidence level with a ±3 percent margin of error.
Furthermore, economic impacts of a growing retired population, including the 'baby boomers', highlights the importance of understanding these workplace dynamics as they affect the dependency ratio and the reliance on programs like Social Security.
Retirement, initially only an option for a few such as Civil War veterans or those with sufficient private means, has evolved considerably since the late nineteenth century.
With Social Security benefits, pensions, and Medicare emerging post-World War II, the landscape of work and the willingness to retire have shifted.
Yet as people are living longer, there's an increase in those remaining in the workforce or becoming self-employed past the traditional retirement age to ensure financial stability, as the income from Social Security is particularly crucial for those over 65. This trend has deep implications for the labor force composition and economic predictions.