Workers over 65 are likely to face issues like ageism and mental
or physical limitations in the workplace, a survey found.
Many senior Americans continue to work after
they become eligible for full Social Security benefits at age 66. Participants
in a recent survey by Provision Living,
a service provider for older adults and their families, said they would retire
on average at 72.
Provision Living conducted a poll in August to
find out why seniors put off retirement. The sample comprised 1,032 people
between the ages of 65 and 85 who worked either full time or part time. Sixty
percent of respondents were men and 40% women, and their average age was 67.
Previous research by Provision Living showed
that in U.S. cities with populations of 200,000 or more, at least 20% of
the senior population was still in the workforce.
Part Time vs. Full Time
Fifty-five percent of respondents in the new
study said they worked part time and 45% worked full time. The average age at
which working seniors switched to part-time employment was 61.
One-third of working seniors said they enjoyed
working and did not wish that they were retired, while 20% said they would like
to continue working, but with fewer hours.
The survey showed that many seniors found it
difficult to keep up with the ever-changing and evolving workplace. Forty-four
percent reported that physical or mental limitations prevented them from
completing tasks, causing some to worry about losing their jobs.
Thirty-six percent of respondents said they
feared being laid off because of their age, and 33% said they had experienced
“ageism,” or stereotyping because of their age.
Asked why they were still working, 62% of
respondents cited finances. Of those, 37% said they simply could not afford to
retire at the moment, while 23% said they were staying in the workplace to
support their family and 19% said they were still paying off debt.
For seniors who continue to work out of
necessity, an alternative may be to relocate to a city that allows them to
stretch their dollar without sacrificing their desired lifestyle. Some of
the best cities in
the country for retirement have significant populations of senior citizens.
The remaining 38% of respondents in the
Provision Living poll said their decision to keep working was a personal matter
— 45% still enjoyed working, 18% worked to avoid boredom, and 6% valued
workplace camaraderie and said they would feel too lonely if they stopped
working.
Retirement Savings
Survey respondents still in work reported
average retirement savings of $133,108. The average for college-educated
seniors was $169,180, and for non-college-educated seniors $80,221.
Provision Living noted that the ideal average
savings among working seniors was $800,000.
Seventy percent of working seniors said Social
Security would be their primary source of income after retirement. Thirty-seven
percent said their main income source would be a pension, another 37% said a
401(k), 27% personal savings and 20% stocks.
Eleven percent said they would look to their
children or family to support them financially in retirement.
No comments:
Post a Comment