Dive Brief:
- When it comes to the supposed retirement years, a vast majority of Americans (75%) apparently expect to work “as long as possible," according to a new survey reported by the Washington Post.
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The survey, from Bankrate.com, reports that participants are not extending their retirements due to a love of their employers or their jobs, but just "because they want to" (38%), they need the money (28%) or because they "need the money and want to work" (27%).
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The Post reports that 47% of current retirees are either "very worried or somewhat worried" about outliving their retirement savings, a rise from 37% the last time Bankrate.com asked that question in 2009. Just 25% said they had no plans to work during retirement — a statistic that would have shocked Americans in past years.
Dive Insight:
The Bankrate.com survey report is not about doom and gloom. Jill Cornfield, Bankrate.com retirement analyst, said that "working during retirement brings a lot of benefits.” In fact, there is emerging research that points to older workers staying sharper when they actively engage their minds on learning and other brain-focused tasks.
While extending retirement may actually increase productivity in certain ways, the survey's findings about the anxiety of retirement years' financial challenges reveal a real concern. And while the desire to work longer may be top of mind, time may not cooperate. Health issues, layoffs or caring for spouses or parents can make it impossible for such employees to maintain their jobs.