Do you feel you’ll have to work for the rest of your life in order to survive? Rest assured, you’re not alone. A recent survey of 1,500 men and women between the ages of 25 and 55 found that almost half expect to take full- or part-time jobs after retirement age because they won’t have enough money to live on. For women those numbers were even higher, with 60% of African American and 57% of Hispanic women saying they expect to continue working after retirement age.
The National Women’s Retirement Survey, by the SunAmerica/Teresa & H. John Heinz Ill Foundation, cites several reasons for this sentiment: declining confidence in the Social Security system, restrictions on pension and retirement plan eligibility and participation, and limited funds for savings.