More than half of all Americans expect their retirement years to include some sort of job.
According to a new survey from Voya Financial, it’s estimated that nearly 60 percent of Baby Boomers still working expect to still have some sort of income from employment in their retirement. Furthermore, the survey states that 60 percent of Gen Xers and 49 percent of Millennials also believe they’ll have a job after they retire. Between these three generations, about 54 percent of all Americans expect to have a job in retirement, further squashing the traditional definition of retirement of “going from work to no work.”
Voya Financial polled about 1,000 Americans in a phased study that spanned from March to July. Noting this, it is important to take into account the financial uncertainty that’s being caused by the COVID-19 pandemic as reason to believe that these numbers are higher than they may normally be in economically stable times. Even so, one of the main reasons for continuing to work post-retirement doesn’t have much to do with money.
So just what are some of the reasons for Americans to want to continue working in some capacity into their golden years? There are two main reasons – with one of them being very obvious and the other one perhaps a bit surprising.
Let’s start with the obvious reason more Americans are likely to work into their retirement years: financial security. In fact, nearly 40 percent of all Voya’s respondents indicated that this was the main reason behind their desire to continue working – much of it to have money to cover unexpected expenses. For instance, it’s estimated that the average retired couple will need about $300,000 just for medical expenses. With Social Security in limbo, it’s understandable that more Americans would want to make sure they’re covered and not falling behind if health issues – or any other issues, really – were to arise.
Then, there is the more surprising reason indicated by about 54 percent of respondents to Voya Financial’s survey: mental well-being. When many Americans officially retire from a long career, they’re lost on what to do and how to spend their suddenly abundant amounts of free time. And while some are content with enjoying the finer things in life and completely removing themselves from any sort of job, others need it. Not only does it help them stay mentally sharp, but they find it gives them a sense of purpose. For some, it’s merely something to do to stay occupied and feel like a contributing member of society.
After I retired, too early I might add, I traveled for awhile then I settled in a small town and went back to college as there were only medical jobs here. I worked for about five years for a Docter then settled into the retired way of life
As a teenager in the 50’s and only the husband working and with larger families, it’s difficult for me to understand how our country got so poor considering how life became easier with technology on the rise. we went from ringer washing machines to automatic clothes washers, went from hanging laundry out on lines to dry, to elect clothes dryers, went from party lines using dials to cell phones , cars and tires that needed continual maintenance to 60,000 mile tires and cars that go 100,000 miles with only oil changes once a year. I could go on and on. we never were any happier than 60 years ago. We can’t blame it on technology, so who ended up with all the new wealth since we are now deep in debt?
Robert,
It’s sad to say but the wealthiest folks at retirement time are Sports Athlete’s who make un Godly money for playing a game, Actors and Actress’s and of course Politicians. We vote for them based on the idea that they may actually do what they say they’ll do once in office. Then when in office it’s all about them and how they can get more money. If you look back at when we were kids those folks didn’t make nearly the percentage of money then as they do now, if you compare it to the common middle class. I’m sure, like me you know this and we just continue on anyway, realizing that there is better things coming.