Retirement is more an idea than a reality for many older Americans. The magical age of 65 does represent retirement for about 2/3 of the population, but that also means about 1/3 continues to work. Whether from want or need, people continue to work. The longer they work, the longer younger people have to wait for jobs to open up; but, without savings many older people have no choice.
(Click on the chart for the link.)