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Retirement Planning > Retirement Investing

People, employers ready for work after retirement

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Sixty percent of workers age 60 and up stated that they would look for new employment opportunities after retiring from their current company, up from 57 percent last year.

The findings are part of a “new normal” and the financial crisis that decimated many people’s savings is not the only factor that can be blamed. As the switch was made from defined benefit plans to defined contribution plans, there was, unsurprisingly, a learning curve. Many individuals did not have adequate savings before they were cut even lower by the financial crisis.

The survey, conducted by Harris Interactive on the behalf of CareerBuilder, polled 680 U.S. workers age 60 and older, and more than 2,600 hiring managers and human resources professionals during November of last year.

Of the respondents:

  • 12 percent said that they don’t think they will ever be able to retire;
  • 27 percent said they plan on retiring in one to two years;
  • 20 percent said they will retire in three to four years;
  • 27 percent said they will retire in five to six years;
  • 6 percent saying they will retire in seven to eight years;
  • 5 percent said that they will be working for nine to 10 years, and
  • 4 percent said they will be working for more than 10 years.

Traditionally people who worked after retirement did so to keep busy, working part-time jobs in retail, or as municipal employees. Now, most people who work in retirement do so because it is financially necessary. The jobs that they take in retirement are more likely to build upon skills that they have culled over their years in the workplace.

Employers reported that they are more likely to hire seasoned staff with 48 percent saying that they plan on hiring workers age 50 and up this year. Seventy-six percent of employers surveyed said they would consider an application from an overqualified worker who is 50-plus, with 59 percent saying mature candidates bring a wealth of knowledge to an organization and can mentor others. 


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