Americans will be working farther into retirement age than before, according to a new Financial Literacy poll conducted by Princeton Survey Research Associates on behalf of Bankrate, Inc.
Three quarters of the 1,003 people surveyed via the phone said they will keep working once they hit retirement age. Notably, only 31 percent of those surveyed still plan to retire according to their original plan due to the financial crisis. Others plan to extend the time schedule anywhere from one to five years (20 percent) to indefinitely (18 percent).
"People are planning to continue in their careers instead of working in another capacity if needed because finding a different job for supplemental income is a problem that a lot of today's retirees are having." said Bankrate staff writer Sheyna Steiner.
Currently, only 15 percent of those 62 and older continue to work. Of the retirees surveyed who aren't working, 55 percent are worried about money with 26 percent relying on Social Security as their single source of income.
Younger Americans, ages 18-29, aren’t thinking that far ahead. Nearly a third (30 percent) are not investing in any retirement plans "because they are a starting career, changing jobs a lot, and frankly don't have a lot of money to invest, it's really not a priority for them" said Steiner.
But perhaps the new retirement plan is to work forever. "The age group18 to 29 answered that they will work as long as they can [physically] more than other age group." Still Steiner noted that "people might be overestimating their capacity for work; maybe you'll feel like doing more. Life paths can quickly change.”
Source: Nielsen Business Media