Are you making plans to work until you draw your last breath? You’ve got some company. An increasing number of older Americans are hanging on to their jobs. Transamerica Center for Retirement Studies released a report showing that 65% of working baby boomers (those born between 1946 and 1964) are planning to work past the age of 65 or don’t plan to retire at all.
In addition, roughly 52% plan to work at least part-time after retirement. The primary reason for this choice is because of income reduction or loss of health benefits.
However, some working baby boomers plan to work past retirement age for other reasons. Approximately 34% of survey respondents said they want to work longer because they actually enjoy working.
The Transamerica study also found that baby boomers also made decisions on their future retirement based on their employers’ willingness to provide accommodations.
Roughly 88% of employers say they support their employees working past the age of 65 and delaying their retirement (49% strongly agree and 39% somewhat agree). However, the study finds that these employers do not yet have business practices in place to provide the support their employees need to make a smooth transition to retirement.
See the full survey here.