Data & Research March 3, 2010

Workers Age 60+ Putting off Retirement for Financial Reasons

More than seven-in-10 (72%) workers over the age of 60 who said they are putting off their retirement are doing so because they can’t afford to retire financially, according to a new survey by CareerBuilder.
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The survey found that three-quarters (76%) of female workers over the age of 60 cited financial constraints as the reason for putting off retirement, while 68% of males said the same, according to a press release.

However, financial reasons are not the only grounds for postponing retirement for workers over the age of 60. Other reasons cited include:

  • either enjoy their job or enjoy where they work and don’t want to leave it (71%);
  • plan to stay because they need the health insurance and additional benefits provided (50%);
  • fear retirement may just be boring (24%); and
  • enjoy feeling needed (15%).

According to Jason Ferrara, senior career adviser at CareerBuilder, 27% of hiring managers say they were approached about postponing retirements last year and were open to retaining mature workers.

The survey was conducted among more than 700 U.S. workers age 60+ between November 5 and November 23.

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