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Data & Research September 7, 2016
Many Plan to Work Past Retirement Age for Enjoyment
However, a survey found nearly half of retirees are either very worried or somewhat worried about outliving their retirement savings.
Reported by Rebecca Moore
Seventy percent of non-retired Americans plan to work as long as possible during retirement, according to a new Bankrate.com survey.
Only 25% say they have no plans to work during retirement.
Of those who plan to work as long as possible during retirement, 38% are planning to work because they like to work, and 35% said they plan to work because they need the money. Twenty-seven percent indicated they plan to work past retirement age for both reasons.
Just 13% of non-retired Americans hope to retire in their 50s, down from 27% in 2007.
The survey found nearly half of retirees (47%) are either very worried or somewhat worried about outliving their retirement savings, up from 37% in 2009, the last time this question was asked. Seventy percent of non-retirees expect it to account for some of their income in retirement, including 10% who are depending on Social Security for all of their income. Millennials were the most likely to say they don’t expect to receive any money from Social Security when they retire (32%).
Princeton Survey Research Associates International obtained telephone interviews from August 18 through August 21 with a nationally representative sample of 1,000 adults living in the continental United States.