It used to be that reaching the age 65 was when the vast majority of people expected to retire. Now, according to a new Gallup survey, more and more people are saying they expect to work past 65.
Released in June, the survey questioned more than 2000 adults, including over 630 retirees. About 37% of those questioned say they expect to, or did, keep working past age 65. That’s up significantly from previous years. In 1995, for example, only about 14% of workers said they expected to work past the age of 65.
About 26% of the people surveyed said that they intended to retire at age 65, while another 26% say they hope to retire before then. The number of people seeking to retire early has also dropped significantly since 1995, when almost half of those surveyed said that they wanted to retire before 65.
While the results likely reflect a decrease in retirement savings, many people report that they intend to keep working past 65 because they enjoy it. 40% of those polled who say they plan on working past 65 say they will do so because they wish to, while 35% say it is because they have to.
Additionally, 61% of those who plan on working past 65 say they will only work part-time, while 15% say they will remain employed full-time. Only about 19% of workers say that they will choose to stop working entirely once they reach retirement age.
Latest posts by Raymond German, Estate Planning Attorney (see all)
- My Mother Just Passed Away. Now What Do I Need to Do? - December 12, 2019
- Income Tax Basis in Estate Planning - December 10, 2019
- 5 Considerations for the First-Time Executor - December 5, 2019