More than a quarter of boomer workers say they plan to retire at age 70 or older, but less than 20 percent of individuals age 65 and over were in the labor force in 2011, new research reveals.
The Insured Retirement Institute, Washington, D.C., published these finding in a survey, “Work and Retirement: Current Workers’ Expectations vs. Retirees Real Experience.” IRI commissioned Woefel Research Inc. to conduct the survey.
Citing statistics from the Employee Benefit Research Institute, the IRI survey shows that participation in the labor force for individuals age 65 and over increased to 17.9 percent in 2011 from 10.7 percent in 1986. However, more than a third (34.9 percent) of boomers surveyed in the IRI study say plan to continue to work past age 65, thus pointing up a discrepancy between actual and expected ages of retirement.
A significant percentage of individuals in both generations (30.8% of boomers and 26.7% of Generation Xers) say they do not know at what age they will retire.