No Exit Strategy: Why Older Americans Expect to Work Indefinitely

12 days ago

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51% of employed Americans aged 65 or older expect to work indefinitely.
About 6 in 10 plan to work at least five more years before retiring, with 70 as the earliest retirement age considered.
Financial insecurity is a key reason, but others work for purpose, mental engagement, or feeling valued.
The report is based on a poll of 1,000 working Americans aged 65 to 99.
Half work out of necessity (basic expenses), while the other half choose to work for mental and physical activity.
49% of Americans 55+ have no retirement savings, and defined-benefit pensions are rare (only 17% enrolled).
Shift from pensions to 401(k)s increases individual retirement planning risks and responsibilities.
Retirement is increasingly seen as transitioning to meaningful roles rather than stopping work entirely.
Top reasons for working past 65: job enjoyment, disposable income, and avoiding boredom.
Only 29% of retirees actually work during retirement, versus 75% who planned to.
Median expected retirement age is 65, but actual median retirement age is 62.
Economic factors like inflation and Social Security concerns distort retirement expectations.
Social Security will still pay benefits even if funds run low, though at reduced rates.
Early savings and preparation are crucial to avoid working in retirement.

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