A Third Of Seniors Seek To Work Well Past Retirement Age, Or Won’t Retire At All, Poll Finds
More Americans plan to work past the age of 70 – or never retire at all – according to a survey released Thursday by reverse mortgage lender American Advisors Group, suggesting the pandemic prompted many aging Americans to rethink their retirement strategies in order to maintain their living standards.
Almost half (46%) of the more than 1,500 Americans aged 60 to 75 surveyed by AAG said they plan to work part-time after they retire from full-time work.
Nearly one-fifth (18%) of respondents said they will work past the age of 70, up from 8% in a 2019 survey, while another 12% said they don’t ever plan to stop working full time, up from 6% in 2019.
Some 30% of seniors said that the pandemic had a “negative impact” on their retirement plans, while 21% said they tapped into one or more of their retirement accounts to pay for expenses.
“After the uncertainty created by the events of 2020, many seniors want to ensure that they will have the financial means and flexibility to enjoy the retirement they had hoped and planned for,” stated AAG chief marketing officer Martin Lenoir. “While we know that Americans are living longer, this survey illustrates that seniors are working longer into their retirement years too.”
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