A man takes a bath in Biarritz beach, southwestern France, January 10, 2007 as temperatures reached an unseasonably warm 18 degrees Celsius (64 degrees Fahrenheit). France got off to a record-breaking start to 2007, with several cities recording their highest temperature for early January, including Nimes, Marseille, Strasbourg and Lyon. REUTERS/Regis Duvignau Is there a (meaningful) correlation between the rise of people working past retirement age and the paltry amount of income they’re able to earn on their lower-risk savings accounts?

Probably.

People over the age of 65 are a growing portion of the labor force participation rate and they’re increasingly unwilling (or unable) to stop working. This is, in part, an unintended consequence of the Fed’s ZIRP policy over the last 7 years.

It’s also partially a health story – there is a large and growing body of scientific research that suggests working is healthier than a sedentary lifestyle as we grow older. Keeping the mind sharp and remaining in a position where others are counting on you can have a salutary effect on your mental and physical health.

Additionally, we’re living longer and the costs of retirement living and healthcare are only headed in one direction. It makes perfect sense that those who are able to earn income and stave off drawing down their savings for a few extra years would want to do so.

In CLSA’s new Greed & Fear note, Christopher Wood pairs the ideas of lower interest income and higher rates of labor participation among the older demo: