The U.S. workforce is getting older. By the year 2024, 25percent of American workers will be over the age of 55, and a thirdof those employees will be over the age of 65. Declining birthrates and higher life expectancy are contributing to the risingnumbers of older Americans in the workforce, but there is alsosomething else: retirement. More Americans are working longerto prepare for rising retirement costs, largely driven by health care spending. It's estimated that theaverage American couple will need $285,000 for medical expenses inretirement, and that's excluding long-term care.

These rising costs are not only falling on the employee, butalso on their company. According to a report by PrudentialFinancial, older workers unable to retire cost employers up to$50,000 a year – this includes the difference between the salary ofan older worker and hiring a younger one. Further, annual healthcare costs for a 65+ year-old worker are twice those of a workeraged 45 to 54.