Peter Kraus: A Rare Book Dealer Who Still Adores His Job at 78
Peter Kraus embarked on his career in the rare book business at the age of 18, working for his uncle who was a rare book dealer. Fast forward 60 years, and he still passionately sells books as the owner of Ursus Books in Manhattan. Despite his age, Kraus has never considered retiring and even jokes that he will only retire in a wooden box. His love for his work is evident as he continues to operate his bookstore, which offers coveted rarities like Man Ray’s “Revolving Doors” priced at $85,000. Kraus’s dedication to his craft extends to his family, with his younger daughter now joining him in the book business while his older daughter pursues a career as a novelist.
The Growing Trend of Working in the Later Years
Peter Kraus is part of a growing demographic in the United States: workers who are 75 years old or older. Although this group represents only a fraction of the overall workforce, there has been a notable increase in the number of Americans pursuing careers well past the traditional retirement age. This shift can be attributed to various factors, including the aging baby boomer generation and improved health among older adults, allowing them to extend their working lives. By 2022, approximately 1 in 12 Americans over the age of 75 were still working, a significant jump from 2002. Projections indicate that this trend will continue, with an estimated 1 in 10 people over 75 remaining in the workforce by 2032.
Motivations and Considerations for Continued Employment
There are several reasons why individuals choose to work beyond the age of 75. One common motivation is a genuine love for their work, whether it is a lifelong passion or a second career pursued after retiring from another profession. Some individuals enjoy the social interaction provided by their jobs, while others find fulfillment in contributing to their community or industry. The growing number of older workers has also raised concerns among the public about the capabilities of elected officials, especially considering President Joe Biden and Senator Mitch McConnell’s ages. However, overall health improvements among individuals reaching retirement age have contributed to their ability to continue working.
Health and Education as Key Factors
Two major factors that contribute to individuals working into their 70s and beyond are good health and educational attainment. Maintaining good health, as well as the health of spouses and dependents, plays a crucial role in a person’s ability to work in their later years. Additionally, individuals with college degrees are more likely to continue working past retirement age compared to those with a high school education or less. Professionals and individuals working in artistic fields, who often have higher levels of education, are more common among older workers. Self-employment is also prevalent among those who choose to work past the traditional retirement age.
The New American Dream: Working Forever?
While many older workers find joy and fulfillment in their jobs, there is a darker side to the issue. Some individuals are forced to continue working due to a lack of retirement support or financial means. These individuals often rely on gig jobs or low-paying positions to make ends meet. Insufficient benefits through Social Security and a lack of personal savings disproportionately affect women, who may have taken time off from the workforce for caregiving responsibilities. Younger workers also express concerns about their ability to retire, citing financial worries as a primary factor.
Advice from Those with Experience
Older workers who have chosen to work into their 70s and 80s emphasize the importance of maintaining control over their careers and time. This sense of autonomy allows them to continue pursuing work they love while enjoying the benefits of experience and wisdom. However, it is crucial to address the systemic issues surrounding retirement, including financial security and support for individuals who wish to transition into their later years without sacrificing their quality of life.
