Gen Xers are seemingly in no hurry to leave the work force.
According to a new study from Ameriprise Financial, 73% of Gen Xers plan to work after they retire — although their reasons for doing so have less to do with money and more to do with finding fulfillment.
“The new reality is that Gen Xers are planning to reinvent retirement,” says Marcy Keckler, vice president of Financial Advice Strategy at Ameriprise, in a statement. “They don’t have an on-off switch in terms of leaving the work force and instead anticipate a gradual evolution into this new phase of life, which really sets this generation apart.”
Ameriprise Financial released the results of its Retirement 2.0 study on Wednesday morning.
The study, which surveyed more than 1,500 Americans ages 35 to 50 with at least $100,000 in investable assets, takes a look at how Generation X is approaching retirement.
The survey found that the vast majority (90%) of Gen Xers who plan to work after they retire see themselves working in a different capacity, with more than half preferring part-time work only.
Meanwhile, 27% would prefer to transition consulting work after retirement, and 9% would like to work in a seasonal position.
Other Gen Xers would prefer to work in their own business (20%) or a home-based business (16%).
Interestingly, the driving force behind Gen Xers remaining in the work force isn’t finances. According to the survey, mental and social interaction will be the driving forces behind their decision to stay in the workplace post-retirement.
What’s important for Gen Xers who plan to work in retirement is finding occupations that are less stressful (50%), more rewarding (33%), socially meaningful (24%) and more interesting (18%).