Retirees Not Retiring

A recent CareerBuilder survey finds the majority of workers plan to continue to work after they reach retirement age.

Sixty percent of workers ages 60 and older said they would look for a new job after retiring from their current company, up from 57% last year.

When asked how soon they think they can retire from their current job, more than one in ten (12%) respondents said they do not think they will ever be able to retire. Other responses included:

  • One to two years: 27%;
  • Three to four years: 20%;
  • Five to six years: 27%;
  • Seven to eight years: 6%;
  • Nine to 10 years: 5%; and
  • More than 10 years: 4%.

“We’re seeing more than three quarters of mature workers putting off retirement, largely due to financial concerns, but also as a personal decision made by people who enjoy their work,” said Brent Rasmussen, president of CareerBuilder North America.

Fortunately for these workers, many employers are looking to hire more seasoned staff. Forty-eight percent of responding employers said they plan to hire workers ages 50 and older this year, and 44% said they hired workers older than 50 in 2012. More than three quarters (76%) of the employers surveyed would consider an application from an overqualified worker who is 50-plus, and the majority (59%) said mature candidates bring a wealth of knowledge to an organization and can mentor others.

The nationwide survey was conducted online between November 1 and November 30 by Harris Interactive on behalf of CareerBuilder, and included more than 680 U.S. workers age 60 and older, as well as more than 2,600 hiring managers and human resources professionals.