Many Expect to Work Well Past Traditional Retirement Age of 65, Study Finds

WASHINGTON – Although the age of 65 has customarily been associated with retirement, many workers who are approaching the customary retirement age plan to continue working well beyond the age of 65. This, according to a recent AARP study of 2,001 workers between the ages of 50 and 70 years old. While the findings revealed that most pre-retirees still cling to traditional images of retirement, such as spending more time with loved ones and receiving pension and Social Security benefits, the majority also report that their personal definition of retirement includes some form of work. AARP is a non-profit advocacy group for people 50 years and older. Those who expect to work in retirement are considering a variety of occupations, including positions related to teaching, office support, crafts, retail sales, and health care, according to AARP. Financial concerns represent the primary reason that many pre-retirees expect to work in retirement. Other common reasons for working in retirement include the desire to remain mentally and physically active and the desire to be productive and useful. The study also found that: * 42% expect that during their retirement years they will have to “do some kind of work to help pay the bills;” * 53 % said their idea of retirement included “working for enjoyment, not money;” * 30% still hoped to retire traditionally, meaning stop working entirely; * Respondents were more likely to first mention non-economic reasons for working past 65, yet when asked to choose one major reason, they were more likely to choose “need for money.” AARP Researcher Kathi Brown said there appears to be three kinds of people who plan to work past traditional retirement age: balancers, work enthusiasts and earners. Balancers, who are younger and include more women, want to keep working in part to stay physically and mentally active. They comprise half of the respondents who intend to keep working. Work enthusiasts, who simply enjoy working, account for 28%, and two-thirds of them are men. Earners, also made up primarily of men, intend to work later to meet financial goals. Brown said according to the U.S. Department of Labor, it is projected that by 2010 some 17% of the nation’s work force will be 55 or older. [email protected]