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.
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.
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.
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.