More older Americans plan to work indefinitely
A growing number of older Americans are reconsidering the traditional concept of retirement. According to a recent survey by financial advisory firm Asset Preservation, 51% of employed Americans aged 65 and older say they expect to work “indefinitely,” while nearly 60% plan to work at least five more years — pushing retirement into their 70s.
The survey of 1,000 working seniors reveals a mix of motivations. While financial necessity is a major factor, many also cited non-financial reasons, Money.com reported. These include a desire to stay mentally and physically active, maintain a sense of purpose or simply continue doing work they enjoy.
The decline of traditional pensions has also shifted more responsibility onto individuals. Only 17% of older Americans are enrolled in defined-benefit plans, while defined-contribution plans like 401(k)s have become the norm, increasing retirement planning complexity.
Still, the idea of widespread post-retirement work may be overstated. The Employee Benefits Research Institute reports that while 75% of workers expect to work for pay in retirement, only 29% of actual retirees do. Additionally, many Americans retire earlier than planned, with the median retirement age at 62 — despite expectations to work until 65, according to Money.com.
Read more: Money.com
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