Study Why Working Seniors Are Delaying Retirement

College, Career, Life Career and life planning sources for college college students, current grads, and career-changers. Primary Menu Study: Why Working Seniors are Delaying Retirement Andrea A current study by Provision Living shows the top explanation why working seniors are delaying retirement. According to the Social Security Administration, the current age to receive full benefits is 66 years old. But many seniors are working quite than enjoying retirement. A previous research by Provision Living listed the cities with essentially the most working seniors. So why do seniors continue to work previous retirement age? In order to seek out out, Provision Living surveyed 1,000 seniors age sixty five and older to ask them why they are laying aside retirement. Financial Concerns Lead to Delayed Retirement Financial issues are the most typical reasons seniors decide to put off retiring. 37% of seniors report that they will’t afford to retire while 23% continue to work to be able to assist family. 19% are nonetheless paying off debt, 13% are paying off a mortgage, and four % are saving for a big expense. Personal Reasons Although finances are a giant concern for many working seniors, personal reasons also contribute to delayed retirement. forty five% still get pleasure from working, 18% are working out of boredom, and sixteen% take pleasure in their jobs however work part time. 12% report working to fill time and 6% work to combat of loneliness. Retirement Savings According to respondents, the typical retirement savings amongst seniors who're nonetheless working is $133,108. However, the ideal common savings for working seniors is $800,000. Most working seniors (70%) say that Social Security might be their major source of earnings after retirement. Social Security was followed by pension (37%), 401K (37%), private savings (27%) and stocks (20%) as the first sources of earnings in retirement. So how many working seniors wish to retire? According to the survey, 47% want they were retired. 33% are pleased to continue working, whereas 20% want to continue working however with reduced hours. Many seniors say they discover it difficult to keep up with the ever-changing workplace. Nearly half say that physical or psychological limitations prevent them from finishing duties. Due to those limitations, 36% say they are nervous about losing their jobs. 33% of respondents report experiencing ageism within the office. And regardless of eligibility for adva ntages in their early-to-mid-sixties, the typical respondent estimates they’ll retire at the age of 72. As the average retirement age continues to rise, workplaces might want to adapt to the wants of older staff. Companies should have policies in place to fight ageism, in addition to part-time and flexible choices for individuals who want to continue working but with decreased hours. Wish to supplement your revenue in retirement but don’t want the everyday 8-5 job? Check out our post on jobs for people who wish to work at home. For on more private finance, visit my other website Just My Cents. Categories Blog, employment, Finance, statistics Tags money, personal finance, retirement, study Post navigation