Buckle in Coloradans, living in Denver may mean you’ll be working after you turn 65 years old.
Chamber of Commerce conducted a new study that puts Denver 16th in the nation for cities with the most working seniors. This shouldn’t be too surprising as it’s also estimated that Coloradans need over a million dollars to retire in the state.
In the study, Chamber of Commerce looked at the percentage of people aged 65 and over who were employed within the last 12 months in 170 cities nationwide, according to the U.S. Census Bureau.
The study found that between delaying retirement and “unretiring,” 22,700 seniors are still working out of the 86,000 senior population.
This means an estimated 26.3% of seniors in Denver are still part of the workforce. To put that into perspective, it’s about 5% higher than the national average, which is 21%.
The national average isn’t that much better. Nationwide, more than one in five seniors 65 and older are still in the workforce, which is more than 11.8 million people.
Many Coloradans are leaving for less expensive states. Among the people who purchased Denver-area homes in 2021, about 13.9% were 55 years or older, which is the sixth-lowest share of home purchasers among the nation’s large metros.
If this is your home state, start up your 401(k). It may take longer than expected to retire.