Worker Expectations for Retirement Continue to Fall
- Working longer: Workers apparently expect to work longer because of the economic downturn: 28% of workers in the 2009 survey say the age at which they expect to retire has changed in the past year. Of those, the vast majority (89%) say that they have postponed retirement with the intention of increasing their financial security. Nevertheless, the median (mid-point) worker expects to retire at age 65, with 21% planning to push on into their 70s. The median retiree actually retired at age 62, and 47% of retirees say they retired sooner than planned.
- Working in retirement: More workers are also planning to supplement their income in retirement by working for pay. The percentage of workers planning to work after they retire has increased to 72% in 2009 (up from 66% in 2007). This compares with 34% of retirees who report they actually worked for pay at some time during their retirement.