Benefits January 26, 2011

More Now Willing to Take Retirement Plunge

January 26, 2011 (PLANSPONSOR.com) – As the economy gradually recovers, some mature workers are feeling more comfortable about retiring now compared to last year at this time, according to a new CareerBuilder survey.
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A news release said 65% of workers age 60 plus said they are putting off retirement because they can’t afford to retire financially; down from 72% who said the same last year.

Meanwhile, more than one-in-four (28%) mature workers age 60 plus plan to retire within the next two years, while 27% are planning to retire in three to four years, and 18% in the next five to six years. Sixteen percent estimate it will be seven years or more before they can stop working, while 10% don’t think they’ll ever be able to retire.

The primary drivers for postponing retirement are financial restraints, as indicated by 65% of respondents, and the need for health insurance and other benefits, as indicated by 58% of respondents. However, mature workers are staying on board at their companies for a variety of other reasons, including:

  • Enjoy their job (39%)
  • Enjoy where they work (36%)
  • Fear retirement may just be boring (26%)
  • Enjoy feeling needed (14%)

“It’s encouraging to see that more workers have the option to retire if they want to, but there are still some who want to keep working at their companies for a variety of reasons,” said Rosemary Haefner, vice president of human resources at CareerBuilder, in the news release.

The survey was conducted online within the U.S. by Harris Interactive on behalf of CareerBuilder.com among 536 U.S. employees (employed full-time; not self-employed; non-government) ages 60 and over between November 15 and December 2, 2010.

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