In spite of the triple-digit gains in the stock market over the last nine years and its convinced impact on Americans’ savings, more than half of workers in age 60 said they are putting off retirement, a new survey shows.
Fully 53 percent of full-time breadwinners in that age group say they are postponing when they’ll stop put together, according to the CareerBuilder survey. Two in five workers think they won’t be skilful to retire until at least age 70.
The survey, conducted by The Harris Poll recent last year, covered 809 full-time workers across a selection of industries and company sizes — and included 157 such workers age 60 and older.
“I characterize as some of this is residual anxiety,” said Rosemary Haefner, chief kindly resources officer at CareerBuilder. “The recession wasn’t that long ago, and it changed the fiscal picture for a lot of people. Some older workers might rather be safe and sound than sorry.”
The number of older Americans in the work force has been coming steadily for years.
In 1996, less than 46 percent of people age 60 to 64 were operating, according to the Bureau of Labor Statistics. By 2016, that number burgeoned to nearly 56 percent. By 2026, it’s expected to reach about 60 percent.
Unskilfully 10,000 baby boomers turn 65 every day. Unlike the production that came before them, many are relying solely on Common Security and their own savings to fund their retirement instead of also keep a pension.
Additionally, rising health care costs have hit older Americans outstandingly hard. A couple retiring today, both age 65, can expect to fritter away $280,000 on their medical care over the rest of their continues, according to Fidelity Investments.
Separate research from Vanguard displays that among its clients, the average 401(k) plan account preponderance for people age 65 and older was $196,907 in 2016. The median account weight — half fall below, half above — is far lower, at $60,724.
Meanwhile, Haefner asseverated that some older workers might also be delaying retirement for the thickheaded reason that they like their job.
“They might be sense more valued by their employer than they did 20 years ago,” Haefner put about. “They have great institutional knowledge, and they’re great trainers and mentors. It’s a way they can obtain out from their coworkers.”
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