A California Budget Project (CBP) report shows that Californians are working later in life than they once did. The share of Californians approaching or at the traditional retirement age--age 65 and older--who are employed increased considerably between 1995 and 2006, after a decade and a half of little change.
According to the CBP's Policy Points, “More Californians Are Working Later in Life”, this trend reflects a number of factors, including improved health and longer life expectancy, as well as diminished retirement security. While both financial and non-financial factors motivate people age 55 to 70 to work, the need for money was the most frequently cited reason for working among those in their late 50s and early 60s.
Source: California Budget Project Press Release (April 2, 2007)