Grassley said the Social Security earnings test limits the amount of money a person older than 65 and younger than 70 can earn without having his or her Social Security benefits reduced. This test provides a disincentive for older Americans to work by reducing their Social Security benefits based on the amount of income they earn. About 800,000 older workers lose part or all of their benefits because they stay on the job after age 65, Grassley said. Many people report a need to work past the retirement age because Social Security alone is inadequate retirement income. An increasing demand for older workers.
Employers praise older workers for desirable qualities and skills.
A tight labor market. In Iowa, the jobless rate in December was 2.2 percent, below the national rate of 4.1 percent. Employers are pulling out the stops to recruit and retain quality workers. People are living longer and in better health. The traditional retirement age comes too soon for older Americans who want to work or need to work past age 65.