Much like Kevin Costner, retirement seems to be making a (slight) comeback this year.
According to CareerBuilder’s annual survey on retirement, the number of workers delaying retirement is on a downward trend. Though 58 percent of workers age 60 or older say they are currently putting off retirement, the figure is down from 61 percent in 2013 and a peak of 66 percent in 2010. The number of workers who say they will be able to retire within four years is up, as well: 50 percent this year, versus 47 percent in 2013.
Not only are fewer workers delaying retirement, but fewer plan to look for other work once they do. The number of workers who say they’ll look for full- or part-time jobs post-retirement is down significantly, from 60 percent in 2013 to 45 percent this year. The findings could be a sign mature workers are more confident in their finances as retirement nears or perhaps that better access to health insurance is lessening the need to work before reaching Medicare eligibility.
Finances, fear influence retirement plans
In news that’s about as surprising as Katy Perry and John Mayer breaking up, money is the top reason workers choose to delay retirement. Though the majority don’t feel ready to retire financially, many actually enjoy working and some simply fear they’ll
succumb to watching “The View” every day be bored. Here’s the breakdown:
- I can’t afford to retire financially: 79 percent
- I need the health insurance/benefits: 61 percent
- I enjoy my job: 49 percent
- I enjoy where I work: 46 percent
- I fear retirement may be boring: 27 percent
Opportunities abound for mature workers
Good news for those workers who do plan to work after they retire: Fifty-three percent of employers plan to hire mature workers (age 50+) in 2014 – up from 48 percent last year. (Perhaps word is spreading of the benefits of hiring mature workers, such as a strong work ethic and commitment to their jobs, loyalty to the company and wisdom from years of experience.)
Tell us: What do you think of these results? Are workers at your organization delaying retirement? How are you helping them prepare for life outside the workforce?