Transamerica released their 13th annual retirement survey. They cover a lot of areas related to retirement and their full report does a nice job with the details.
The quick summary is only 39% of respondents believe they are buiding a big enough nest egg to fund a traditional retirement.
Because of this, most plan on working in retirement As the chart (from the study) below shows, 54% of the respondents plan to work past age 65 and/or in retirement.
Also, only 19% said they did not plan to work in retirement. 27% weren't sure.
This continues a pattern started a about a decade ago of more people saying they plan to work in retirement. However, up until the Great Recession surveys consistently showed that the main reason people were planning to work in retirement was to stay active or involved.
As the chart below (also from the study) shows, this is no longer the case. Income is now the primary driver for wanting/needing to work in retirement.
The good news from this data is people are figuring out they aren't financially prepared for a traditional retirement.
The bad news is people aren't financially prepared for a traditional retirement.
People not being prepared to retire is a popular theme these days with the press. For more on this topic, see the Forbes article 6 Reasons You'll Never Retire or Classic Retirement Becoming Less Likely from Investment News.
The tight job market has taken a serious toll on some people’s retirement plans, forcing many to withdraw money set aside for their golden years early despite the potential for stiff penalties.
Posted by: Los Angeles Local Search Engine Optimization | September 07, 2012 at 11:43 AM
SO true, it just getting harder and harder for people over 50 to get new work, and to get hired.
Posted by: hepatitis c | August 13, 2012 at 12:06 AM
Planning better for retirement makes you stay stress free for after retirement life as these statistics shows many people are not sure about if their retirement planning are enough to back their after retirement life or they need to work even after retirement..
Posted by: Bruce Bent II | June 13, 2012 at 01:26 AM
These findings are unfortunately not surprising. But one issue is, it is getting harder and harder for people over 50 to get new work, and to get hired. One possibility is doing free lance work.
http://blog.charet.com/2012/05/us-was-built-upon-realization-of-dreams.html
Posted by: Simone Shenny | May 31, 2012 at 11:27 AM