Data & Research January 26, 2011

Fewer Workers Plan to Postpone Retirement

As the economy gradually recovers, some workers are feeling more comfortable about retiring now, compared to this time last year, according to a CareerBuilder survey.
Reported by

Sixty-five percent of workers age 60 and over said they are putting off retirement because they can’t afford to retire financially, which is down from 72% who felt that way last year.

More than one-in-four (28%) workers age 60 and over plan to retire within the next two years, while 27% are planning to retire in three to four years, and 18% in the next five to six years. Sixteen percent estimate it will be seven years or more before they can stop working, while 10% don’t think they’ll ever be able to retire.

Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.

The primary reasons for postponing retirement are financial restraints (65% ), and the need for health insurance and other benefits (58%). However, workers are staying on board at their companies for a variety of other reasons, including:

  • Enjoy their job (39%)
  • Enjoy where they work (36%)
  • Fear retirement may be boring (26%)
  • Enjoy feeling needed (14%)

The survey was conducted online within the U.S. by Harris Interactive on behalf of CareerBuilder.com among 536 U.S. employees (employed full-time; not self-employed; non-government) ages 60 and over between November 15 and December 2, 2010.

«