Over 70% of Workers Age 60+ Are Putting Off Retirement Due to Financial Pressures

Are you working to live or living to work?  Maybe a little bit of both for employees over 60 years old.  A new survey shows that more the 70% of workers over the age of 60 are putting off their retirement because they cannot afford to retire.  The CareerBuilder survey, conducted with over 700 workers over the age sixty, found that financial reasons were not the only criteria for putting off retirement.  Other reasons cited were:

  • Enjoyment of job and job location (71 percent)
  • Need health insurance and other benefits provided by their current employer (50 percent)
  • Fear retirement may be boring (24 percent)
  • Enjoy feeling needed (15 percent)

"The economy continues to cast doubt in the minds of mature workers regarding executing on their future retirement plans. As a result, they are requesting to stay with employers a bit longer," said Jason Ferrara, senior career adviser at CareerBuilder. "Twenty-seven percent of hiring managers say they were approached about postponing retirements last year and were open to retaining mature workers. The key is to let your employer know sooner than later that you would like to put off your plans to leave."