This is the fifth in a 10-part series on “The Future of Retirement” that we are posting over the course of several months. If you are interested in better understanding what’s ahead, we invite you to check out our new book 'What Retirees Want: A Holistic View of Life’s Third Age.'
The others who are changing their retirement timing, some 10% of the working population, are planning on retiring. They say they want to do other things more important to them, they are worried about the health risks of continuing to work, or the pandemic has made them realize just how much they’re looking forward to the freedom of retirement. The pandemic has thrown into sharp relief what matters most in people’s lives, and the slowdown has given many a taste of retirement.
One fourth of Americans say the pandemic has significantly reduced their financial security, and interestingly, the greatest impact is on younger generations. Nearly one-third of Gen Z and Millennials characterize the impact as very or extremely negative, while only 16% of Boomers and 6% of the Silent Gen say they are affected to that degree.
If you’re among those thinking of retiring later, you’re in good company. The average age at which Americans currently retire has risen to 65, a level not seen in 50 years. For sound demographic reasons, starting with increased longevity, the “full retirement age” for Social Security benefits is being calibrated upwards. People recognize that they need to work longer to fund longer retirements.
By delaying retirement, people continue to add to their retirement savings and postpone withdrawals. Most also postpone initiating Social Security, thus adding to their eventual monthly benefits., working after retiring, typically part time, is becoming the new normal. The labor force participation rate of Americans age 65 and older has risen to 20%, again higher than we’ve seen in 50 years, and age 65+ is the fastest growing segment of the workforce.
The majority of retirees tell us they enjoy their work in retirement more than work in their earlier careers. They have the freedom to work differently – part-time or seasonally or on a project basis. Many change occupations to something they are passionate about, or were passionate about early in their careers. Some work through organizations like Encore.org to put their experience and skills to work for the greater good.
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