Final answer:
People may work past pension age due to financial needs, desire for purpose, or concerns over the sustainability of social security and changes in the dependency ratio.
Retirement has evolved historically and is influenced by social support systems and personal choices. Societal and economic factors continue to shape when people choose to retire.
Step-by-step explanation:
People may need to work beyond the state pension age for various reasons, including financial necessity, desire for continued engagement and purpose, and the impact of economic changes and social security concerns.
Retirement is the stage of withdrawing from paid work, traditionally around a certain age, often supported by social tools like the Social Security system in the United States. However, with issues such as the reduction in the workforce contributing to Social Security and the increased lifespan due to better healthcare and lifestyle, there is a potential risk of the system being unable to support all retirees.
Moreover, the baby boomer generation approaching retirement age contributes to changes in the dependency ratio, placing more burden on a relatively smaller working-age population.
Historically, the concept of retirement evolved post-Civil War, and notable reductions in the working older population occurred post-World War II, largely due to the introduction of social support from Social Security and Medicare.
Today, the necessity to continue working past the retirement age could be linked to concerns about Social Security's sustainability, the increased cost of living, or the desire to remain productive and counteract stereotypes of aging.
In light of economic factors and personal choices, many older adults find it prudent or necessary to extend their working years. Factors such as inadequate savings, desire to avoid idleness, or the fulfillment obtained from one's career can influence this decision.
As societal norms and economic landscapes continue to evolve, so too will the patterns of retirement and work beyond typical retirement age.