Delayed retirement is both a symptom and a cause of a troubled economy

People in the United States are working longer hours and waiting longer to retire, often not by choice — and that could be bad news for the future of our economy.

The average age for retirement in the U.S. has jumped to 62 in 2014, up significantly from 59 in 2010, according to a Gallup Poll. As a result, our economy is less productive than it could be, and that trend is expected to continue for the next 35 years unless something is done to turn it around.

As dire as that sounds, there are positives in keeping people in the workforce longer. Even if their productivity doesn’t show it, “There is a mentoring effect,” says Laura Carstensen, director of the Stanford Center on Longevity. “The presence of older workers increases younger people’s success.”