If you find yourself working among more seniors who should be enjoying their time on leisure activities, then you’re clued into a growing trend: aging boomers who, voluntarily or otherwise, are working past the traditional retirement age of 65.
If the results of a new survey from Northwestern Mutual are any guide, you’ll be seeing many more of these folks in the coming years. The company’s annual 2015 “Planning & Progress Study” reveals that most Americans expect to retire at age 68 — a decade later than when current retirees left the workforce.
For most, the need to make ends meet will be the driving factor. More than 6 in 10 of U.S. adults polled by Northwestern Mutual (62 percent) say that working beyond 65 will be a “necessity.” And nearly 8 in 10 (79 percent) cite as top concerns insufficient savings and lack of confidence in social safety nets.
This annual study, which examines Americans’ attitudes and behaviors towards finances and planning, also suggests that poor communication may be a contributing factor to delaying retirement involuntarily. Four in 10 adults state that they have not discussed retirement with anyone while a full third (35 percent) do not have any sense of how much income they will need to retire.