Working in Retirement

Americans extend their optimism about retirement to their work lives, according to this national survey. They hold new hopes for continued flex-time work. They want to take on new social roles. And they expect to continue to make meaningful contributions through work in their later years.

 

Schwab's Rethinking Retirement Survey polled representatives of Generation Y (ages 13-31), Generation X (ages 32-43), Baby Boomers (ages 44-62) and the Silent Generation (ages 63-83). Here's what we heard:

 

Among pre-retirees surveyed, 71% want to work at least part-time in retirement. They prefer part-time, flex-time and a better overall balance between work and leisure.
Q: Which of the following represents your ideal plan for how you would like to balance work and leisure in retirement? Total Gen Y Gen X Baby Boomers Silent Generation
Going back and forth between periods of work and periods of leisure 40% 38% 37% 49% 29%
Never working for pay again 29% 28% 34% 22% 24%
Working part-time 26% 27% 23% 26% 40%
Working full-time 5% 7% 7% 3% 7%

 

Staying mentally active is the main reason to keep working, according to those surveyed.
Q: If you were going to continue working in retirement, which of the following would be the main reasons why? Total Gen Y Gen X Baby Boomers Silent Generation
Staying mentally active 57% 53% 55% 56% 68%
The money 45% 39% 48% 52% 53%
Having something fun and interesting to do 41% 51% 39% 33% 29%
Health insurance benefits 41% 36% 46% 49% 30%
Staying physically active 38% 35% 39% 38% 47%
Staying connected with others 31% 32% 29% 33% 36%
Having new challenges 19% 18% 19% 15% 22%

 

Among survey-takers who plan to work in retirement, 60% are interested in a different line of work.
Q: Would you like to work in the same line of work or a different line of work in retirement? Total Gen Y Gen X Baby Boomers Silent Generation
Different line of work 60% 60% 66% 62% 45%
Same line of work 40% 40% 34% 38% 55%

 

More flexibility in the workplace could entice employees to continue working during retirement years, according to those surveyed.
Q: What could your employer do/have done to make it easier for you to stay in the workforce in retirement (if you wished)? Total Gen Y Gen X Baby Boomers Silent Generation
Allow me to work flexible hours 50% 50% 52% 51% 41%
Allow me to work from home 37% 41% 41% 36% 29%
Allow me to work part time 33% 26% 28% 36% 45%
Offer phased retirement (ability to gradually phase down work) 21% 20% 22% 19% 25%
Offer sabbaticals (extended time off from work) 19% 23% 21% 20% 13%
Let me train/mentor new employees 16% 15% 17% 17% 14%
Offer retraining 6% 6% 5% 6% 6%

 

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