Survey: Half of Workers Ill Prepared to Stop Work
A news release from Hudson Highland Group, North America – an HR services outsourcing firm – said the survey found that three-fourths (74%) of US workers plan to work at least part time during their retirement years. Forty-one percent of workers plan to retire before age of 65.
Respondents were split about their employers’ education/advice efforts. Though nearly half (47%) of employees believe that their company does a good or excellent job educating them about retirement planning and benefits, a nearly number rate their organizations as fair or poor. Wealthier individuals tended to give more complimentary appraisals.
Nationally, workers aren’t counting on company pensions and Social Security to provide significant retirement income. Half (52%) report that personal savings will provide the biggest share of their income after they stop working, while only one in five expect company pensions to play that role. Just over a fifth (21%) of workers expect Social Security to comprise the biggest chunk of their retirement income.
The survey found that a third (31%) of workers 50 to 64 years old, who are fast approaching traditional retirement age, anticipate that Social Security will provide the biggest income contribution, although a plurality (40%) expect personal savings to fill that role. However, the younger workforce (18 to 29) is no longer taking Social Security for granted. A scant 14% expect it to provide the biggest share of their retirement income. Workers under 40 are also more likely to predict they will not work during their retirement years than those 40 and older, according to the survey.
“As companies cut back on traditional pensions and health care coverage for retirees, it is clear that the workforce will have to turn to their own savings and/or keep working to sustain themselves during retirement,” said Jeff Anderson, senior vice president of Hudson, North America, in the news release. “As individuals stay in the workforce longer – either by choice or necessity – organizations would be well-served by creating programs and training that recognize the value of older workers.”
The Hudson retirement survey is based on a national poll of 2,170 US workers and was compiled by Rasmussen Reports, LLC, an independent research firm. More information about Hudson is at More information is available at http://Hudson.com.
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