SURVEY SAYS: Plans for Retirement

Many surveys have revealed that Americans feel unprepared for retirement and plan to retire later or work during their retirement-age years.

By PS | April 17, 2017
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Last week, I asked NewsDash readers, “Do you plan to retire later, and/or do you plan to work during your retirement-age years?” The answer was yes for both questions for the majority of readers who responded.

About four in ten (41.9%) responding readers say they plan to retire between ages 55 and 65, inclusive. Of those planning to retire later than age 65, 44.6% plan to retire between ages 66 and 70, inclusive, and 9.5% between ages 71 and 75, inclusive. Slightly more than 4% say they plan to never retire.

Of those who plan to work past retirement age, 6.8% say they plan to work full-time, and 58.9% say they plan to work part-time. The remaining 34.2% of respondents indicated they do not plan to work during their retirement-age years.

In verbatim comments there were a few who expressed that same sentiment as this reader: “If you love your job and continue to do well at it and other factors like commute and health are good, why would you retire?” Others said they would be bored if they retired, but still others want to quit work altogether and enjoy traveling and family time. It was funny to me that a couple of readers said they couldn’t retire because their wives wouldn’t let them. Of those who plan to work, they say it is not just for the money, but to stay engaged. Editor’s Choice goes to the reader who said: “I've worked since I was 14 years old. When I reach retirement in a few years, I'm done. Life is too short to work in my golden years.” 

Thank you to all who participated in the survey!