Some people may be counting down the years until they can retire. But studies show an increasing number of older adults are choosing to work longer in life.
Many people dream of the day they can retire, but the concept of a full retirement is changing.
According to a recent survey by the Harris poll, only 56% of people who are currently working plan to fully retire someday; 30% would like to partially retire; 7% don’t want to retire at all.
“You don’t want to outlive your money, and people are becoming more conscious of that. So they are shifting their retirement states back a little bit,” said Kristin Castello, a financial planner.
Experts say some people aren’t financially ready to fully retire.
“A lot of people are waiting ‘til their full retirement age to take their Social Security benefits just to get the larger amount,” said Castello.
Many experts maintain that retirement income should be 80% of a person’s final pre-retirement annual earnings. Fidelity Investments recommends that you should save 10 times your annual income by age 67.
Another reason people are delaying retirement: health insurance.
“If you go out and buy it on your own, it is very expensive here in the U.S.,” explained Castello.
And when it comes to your health a study out of the National Institutes of Health suggests people who stop working before the age of 65 have a shorter lifespan and increase their risk of cognitive decline so in other words, use it or lose it.
According to Pew Research Center, wages of people ages 65 and up have been rising steadily. A survey also found older people tend to be more satisfied with their jobs.