NORTH DAKOTA ( KXNET ) — The amount of older Americans who are putting off retirement is continuing to increase, and it’s creating a career ladder gridlock that’s impacting younger workers.

This is a problem because as the older workers are staying in their jobs, the Gen Z and Millennial workers are often stuck in lower-paying, junior-level roles.

Since the 1980s, the share of U.S. adults 65 and older in the workforce has steadily increased .

The decrease in social security benefits and fewer jobs offering pension plans are two major reasons why Americans aren’t on track financially to retire.

According to a 2023 retirement confidence survey , 33% of workers plan to retire at 70 or older, or even never — an increase of 26% from 2021.

In general, people are living longer and staying healthier as they get older, which plays a role in how older people stay on the job.

Colleen Paulson, a career consultant said these things contributed to the “tricky situation” on the career ladder “because there are only so many jobs to go around, especially at the higher levels.”

In the end, the reason why boomers aren’t leaving the workforce is simply because they can’t afford to retire.

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