Many Workers Unprepared to Retire
Nearly one-quarter of surveyed Americans never plan to stop working
Many workplaces are a mixture of the generations, with older employees bringing experience to the job and younger staff bringing new perspective. According to a new poll, the number of older employees may be increasing as nearly one-quarter of workers surveyed say they never plan to retire, Associated Press reports.
The poll, from The Associated Press-NORC Center for Public Affairs Research, found that 23% of American workers, including nearly two in 10 of those over age 50, don’t expect to stop working. Roughly another quarter of Americans plan to continue working beyond their 65th birthday.
For many, money may be the main reason they decide to keep working. Only 14% of surveyed Americans under the age of 50 and 29% over the age of 50 said they feel financially prepared to retire around age 65. About four in 10 Americans over 50 said they feel somewhat prepared financially to retire, and about one-third said they don’t feel prepared at all. Among adults under 50, most (56%) said they don’t believe they will be financially prepared at retirement age.
Realistically, illness, injury, layoffs, and caregiving responsibilities often force older workers to retire earlier than they planned.