70 percent of Americans plan to work during retirement

Teresa Stoker, who is retired, sits in her greenhouse/workhouse combination, where she grows a variety of plants from seeds to maturity and her husband does woodworking. Text by Lori Johnston and Shannon Adams/Fast Copy News Service.(Christopher Oquendo Photography/www.ophotography.com)

Retirement is big life transition — one that fewer Americans seem to be making.

Almost three-quarters of non-retired American workers (70 percent) say they plan to work as long as possible during their retirement, according to a new report from Bankrate.com. Only 25 percent have no plans to work once they retire.

Related: Money pros give 7 ways to boost your retirement confidence

Working during retirement was once reserved for those who simply didn’t have the money saved up for retirement, now it is something people are planning to do because they just like to work.

While 35 percent of respondents said they plan to work because they need money, 38 percent plan to work for the joy of working. Another 27 percent said they would continue working during retirement for the money and pleasure.

Read more: This Georgia city was named one of the country’s best places to retire

Jill Cornfield, a retirement analyst for Bankrate.com, says it makes sense that so many people are choosing to continue working. A part-time job or work as a consultant can help keep your mind sharp — and the extra income always helps.

Retirees are more worried in 2016 about outliving their savings than they were during the economic downturn of 2009. Back then only 37 percent of retirees said they feared they would live longer than their money would last, now that number is up to 47 percent.

Related: Georgia tax-friendly, not health-friendly for retirees

American workers have a realistic view of how much Social Security is likely to contribute to their retirement income. Among non-retirees, 70 percent expect it to account for some of their retirement income Only 10 percent are depending on Social Security for all of their retirement income.

But it is millennials in particular who have shifted to the most realistic attitudes toward money and retirement — 32 percent of millennials say they don’t expect to receive any money for Social Security when they retire.

Reader Comments 0

19 comments
MikeGrayson
MikeGrayson

Well, if you want a 'Retirement Review' and some good advice (PLUS we got an $100 Gift Card to some pretty fancy restaurants), go here //www.afinancialseminar.com - we did and it was fine plus we had a nice meal.

Bill1456
Bill1456

Around 1900, the life expectancy of a male was about 50 years.  It's sad that a hundred years later so many must work to 70 just to retire.  We're living longer just to work longer.  If increased leisure has something to with "progress," we've really missed the mark in our society!

Dawg^2
Dawg^2

Your story is very dangerous and flawed.  Although many people say they want to work past 70, a high percentage of them will be unable to as a result of health issues.  In other words, don't count on working past 70 as part of your retirement plan.  

AtyAbh
AtyAbh

Retirement is a flawed notion, particularly when the retiree has no plans to remain purposeful and useful in community and society. To absolutely stop working after 30 or 40 years to only sit around shouldn't be anyone's objective unless they are wealthy, healthy and interested enough to travel at least monthly and fine ways to remained tuned in to the world around them.

Bill1456
Bill1456

@AtyAbh Maybe so, but after working 40 years, I think anyone deserves a break regardless of their wealth, health, interests, etc.  What's wrong with just sitting around by that time?

DekalbComments
DekalbComments

@AtyAbh I challenge your characterization of "sitting around". Most of the retirees I know say they don't know how they had time to work. They are doing lots of things from volunteering to spending time traveling, spending time with family and friends, doing projects and the like.  Why should someone who has worked 40 years have to continue to work? If they want to sit around that is their choice. You should not be judgmental in terms of their choices. People who have paid into SS and saved for retirement should absolutely have the option to "sit around" or be as busy as my retiree friends. If we are saying you should be working until you drop dead then I want out. 



MJP2012
MJP2012

@AtyAbh What makes you think that one needs to keep working to satisfy some sort of higher purpose? Please don't be judgmental. If a person has worked for most of their life and paid into SS, and saved or managed to have the money, why should they not "sit around" if they so desire?

Since I retired (somewhat early through no plan of my own), I find that I am remarkably busy with my "post employment" life. I did go back to work as a contract employee a couple of times and frankly it was no fun at all. Horrid commutes, terrible stress, tremendous pressure and very competitive environment. Who needs that? Fortunately, I do not. I pity the poor souls who must continue working into their old age to make ends meet.

Not having to get up every morning to go to work is really nice! And believe me, your health will be much improved when the stress of "working" is removed.Retirement is not a "flawed notion" at all.
 

BetterDog
BetterDog

Obama has flatlined the economy. 

DekalbComments
DekalbComments

@BetterDog The facts do not support your opinion. Bush actually lost nearly 500K jobs over his presidency whereas Obama has added nearly 13M. The "official" unemployment rate was nearly 8% when Bush left office and is now in 5% territory. I accept the "official" rate is not the real rate but we have to use "like for like" numbers. The stock market has roared back with the S&P up nearly 140% as of November 2015. I know my 401K and other investments have recovered nicely. Corporate profits are up significantly with companies hoarding money rather than pumping it into the economy. Domestic crude production is up nearly 90% after Bush left office with imports dropping 62%. Exports of goods and services is up over 30%. The stimulus was too small or we would have created more high-paying jobs in renewables and infrastructure. The Republican Congress that vowed job creation was their priority have not proposed or passed a single jobs program into law. The American auto industry that includes all of the suppliers was on the verge of death. Obama rescued the industry and jobs. The industry is reporting record profits. So I ask you how can you state the economy is flatlined? It could be better if the Republicans in Congress did not block every effort to invest in infrastructure and other programs that are essential to competing in the global market. 

lolBigTen
lolBigTen

Do you have a bet going with someone to see how many of your life's problems you can blame on Obama in one day?

BetterDog
BetterDog

Actually Government workers and illegals have done much better than the rest of Americans.  Cat is laying off Americans so it can hire foreign guest workers in Illinois.  See Breitbart and Daily Mail.  American workers have been sold out and Hillary will continue the trend. 

DekalbComments
DekalbComments

@BetterDog Facts? How have illegals done better? You spout talking points that have no factual basis. It is typical of conservatives who hate facts. Facts are annoying things that get in the way of what you want to believe. 

BetterDog
BetterDog

Government workers have faired better under Obama.  Good luck post Obama. 

BetterDog
BetterDog

Obama has ruined the economy of the US.  Hillary will make it worse.  This article is in a fantasy land.  Americans have to struggle to make ends meet every day.  Americans are worse off in many ways since Obama took office. 

STHornet1990
STHornet1990

@BetterDog LOL. The economy and my economics are so much better now than when shrub left DC.

DekalbComments
DekalbComments

@BetterDog Facts? I am much better off than when Bush left office. The entire economy has actually recovered. Bush said he thought it was wonderful that an American could work 3 jobs to survive. What a guy! Obama has, in the face of constant obstruction, brought the economy back from the brink. Unemployment has been reduced, deficits have been dramatically reduced. 13M jobs have been created (but of course many of those are minimum wage and without an increase in that wage many are still struggling). The auto industry was saved from collapse. Oil production is up 90%. The recovery has been far from stellar but we have not had a single jobs package passed and signed into law since the GOP took control of first the House and then both Houses. Lazy anyone? 

Jimmy24
Jimmy24

I don't understand what Obama has to do with this topic

MJP2012
MJP2012

@BetterDog I wonder how old you are and where you were when Bush and Co. sank the world economy. Obviously you have no idea of how bad things were when Obama took office and how much better they are now. The US is in much, much better shape than when Bush left. There is no comparison. Please become better informed before posting embarrassing, uninformed comments. It just makes you look terribly ignorant.