A new nationwide survey by the Pew Research Center’s Social & Demographic Trends project finds that a majority (54%) of workers ages 65 and older say the main reason they work is that they want to and only 17% say the main reason is that they need the paycheck. The balance of those respondents (27%) said that say they’re motivated by a mix of desire and need. When the respondents were asked about their reasons for working, older workers emphasized social factors such as feeling useful, an activity to do something and to interact with other people rather than the need to augment there income. The survey also showed that almost four-in-ten adults who are working past the median retirement age of 62 say they have delayed their retirement because of the recession. Among workers ages 50 to 61, fully 63% say they might have to push back their expected retirement date because of current economic conditions.
For the full survey and good data on elderly workers, click here.