Twenty-one percent of Americans are planning to work their entire lives, according to a recent survey by the Pew Charitable Trusts.
The household survey found that in addition to those who said they had no plans to retire, 53 percent of respondents thought they would seek out new sources of income at some point after they retire from their current jobs.
Only 26 percent of respondents said they planned to stop working when they reach retirement age.
The survey’s authors cited several factors for the growing preference for later retirements or plans not to retire at all: rising life expectancy, aging baby boomers wanting to work well into the latter part of their lives, and more workers being underprepared to meet their financial needs in retirement.
It’s important for workers to be realistic in thinking about retirement and preparing for it financially. Using Census Bureau data, the Center for Retirement Research at Boston College estimates the average retirement age for men and women is 64 and 62, respectively.
Many people can work longer, and this could benefit the economy as well as the federal budget in the years ahead. But even those who wish to do so may encounter health problems, family circumstances or other difficulties that can interfere with starting a new career.
Americans’ Financial Security: Perception and Reality (Pew Charitable Trusts)
Only One-Quarter of Americans Plan to Retire (MarketWatch)
The Average Retirement Age – An Update (Center for Retirement Research)
Low Savings Could Mean Trouble for Many Workers (Concord)