21 November 2018

Fewer Seniors Delaying Retirement

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Motivated by an improving economy, 53% of senior workers (ages 60 and older) are delaying retirement, a post-recession low, down from 58% in 2014 and 66% in 2010. However, retirement is still far off or even unlikely for many senior workers, according to the CareerBuilder annual retirement survey. Nearly half (49%) believe their retirement is at least five years away, while 12% do not think they will ever be able to retirement. Three-quarters of senior workers currently delaying retirement cite the recession as a cause.
 

Reasons for delaying retirement vary among workers. The inability to retire due to household financial situations is the number one reason senior workers delay retirement, cited by 78%. The need for health insurance and benefits is cited by 60%. Alternatively, many senior workers delay retirement because they simply do not want to stop working, with one-third of workers delaying retirement because they enjoy their job, 28% because they enjoy where they work, and 26% because they fear retirement may be boring.

The survey shows 54% of senior workers are planning to work part or full-time after retirement, up from 45% last year. The three most common jobs these workers plan to pursue in retirement are customer service, retail, and consulting. Findings illustrate 54% of private-sector employers hired mature workers (ages 50 and older) in 2014.

A large majority (70%) of retired senior workers plan to focus on relaxation in retirement, while 57% say they will spend time with family and friends, and 48% intend to travel. The survey was conducted by Harris Poll on behalf of CareerBuilder among 438 workers ages 60 and older and 2,192 hiring and human resources managers between November 4 and December 2, 2014.

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