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Benefits August 14, 2007
Survey Finds Most Do not Plan to Quit Working When Retired
August 14, 2007 (PLANSPONSOR.com) - Only one-third
(34%) of workers in a recent poll by Robert Half Management
Resources said they plan to quit work entirely when they are
ready to retire.
Reported by Rebecca Moore
According to a Robert Half press release, 24% of survey respondents said they see themselves changing careers when they retire from their current jobs. An equal number said they would continue to work as a consultant (14%) as those who said they would work the same job only with fewer hours (14%).
Two percent of the 492 full- or part-time adult workers employed in office environments said they plan to continue working while another 2% said they plan to take on a new part-time job, the press release said.
A desire to remain mentally and physically active is another reason prompting today’s workers to choose a working retirement, suggested Paul McDonald, executive director of Robert Half Management Resources, in the press release. “The desire by many professionals to remain in the workforce past the traditional retirement age could be a boon to employers concerned about talent shortages,” McDonald pointed out.
Similar results were found by a recent Gallup poll, where many respondents said they would continue working because they did not feel financially prepared for retirement (See Future Retirees Expect to Work Longer).
Also, new IRS guidelines addressing phased retirement and in-service distribution rules issued this spring regarding a plan’s normal retirement age definition will aid workers who plan to work in retirement (See IRS Lends Helping Hand on Plan Retirement Age Changes ).
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