Retiring on Time is No Longer Realistic for Many Americans

Retiring on Time is No Longer Realistic for Many Americans

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retirementIf you’ve come to the realization that you won’t be able to fully retire when you had originally planned, you’ve got plenty of company.

A poll by the Associated Press-NORC Center for Public Affairs Research reports 82% of Americans age 50 and
older say it’s likely they’ll do some work for pay during retirement.

A national survey of 1,024 adults ages 50 and over analyzed the transformation of work and aging in the United States and its impact on individuals and the economy. The study found that workers today have a very different view of retirement than older workers before them. Today’s retirees are more likely to remain in the workforce in some capacity during their retirement. This is a result of the impact of the Great Recession.

Many workers have had to delay retirement due to job loss or pay cuts. The survey
also found that some wanted to work longer, but were forced out of their jobs
due to age discrimination.

Key research findings:

  • About 39% of workers age 50 and older report having $100,000 or less saved for
    retirement. About 24% have less than $10,000.
  • A total of 20% of respondents report they have personally experienced prejudice
    or discrimination because of their age.
  • One-third of respondents who are already retired report the decision was not their choice. That number increases to 54% for retirees 65 and under.