Fewer Workers Plan to Postpone Retirement

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.

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.