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Aging Workers Push Back Retirement

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Many Americans over age 55 plan to stay on the job at least until age 69, according to the MetLife Mature Market Institute.

The Westport, Conn., institute has based that conclusion on a summary of about 1,200 U.S. residents ages 55 to 70.

When researchers asked workers ages 66 to 70 about when they want to stop working for pay, the average age given was about 76, the institute says.

Half of the respondents said they had pushed back their anticipated retirement date sometime within the past 2 years.

Another 44% said they had not changed their expected retirement date, and 6% said they now expect to retire earlier than they had originally anticipated.

Of the participants who are postponing retirement, 67% said they must to do so to accumulate or rebuild the financial resources needed for retirement, the institute says.

Similarly, 55% of the participants who are still working or seeking work said said their primary reason to continue employment is a need to cover basic expenses.