Recent findings from the First Command monthly survey reveal that 22% of middle-income people ages 25 to 70 plan to retire in their 70s, up from 14% a year ago. When they do eventually retire, three-quarters of Americans say they are likely to consider working at least part time – half expecting to work 16 to 25 hours per week.
While the survey indicates financial considerations are part of the desire for part-time employment in retirement, much of the interest in post-retirement employment is being driven by emotional motivations.
When asked why they are likely to work during retirement, American consumers said they:
- Want to stay busy (69%)
- Want to stay intellectually engaged (58%)
- Need the extra income (49%)
- Want the sense of fulfillment they get from working (44%)
- Want to delay tapping into their retirement savings (31%)
- Want to continue receiving benefits (29%)
- Want to keep the community aspect of the workplace (17%)