Americans 35 and older who have full-time jobs anticipate that they will not be able to retire when they hit the traditional retirement age, according to a survey released Thursday by AARP’s Life Reimagined, a personal guidance system launched in 2014.
Eighty-seven percent of those polled who were working full time said they wanted to retire someday, and 69% hoped to do so by age 65. However, 52% said they did not expect to retire by 65, or at any age.
AARP noted that these findings were in line with a Bureau of Labor Statistics prediction that workforce participation among Americans in the 65-to-74 age group would hit 32% by 2022, up from 20% in 2002.
Although respondents acknowledged that they would be working longer, only 19% of Gen Xers and 12% of boomers said they were motivated to get up in the morning by going to a job that fulfilled them.
“This new survey points out the differences between traditional ideals and today’s expectations of both Gen Xers and boomers as evolving realities begin to take shape, especially when it comes to work,” Carey Kyler, vice president of consumer experience and strategy at Life Reimagined, said in a statement.
“Many are feeling overwhelmed by the challenges that these new life transitions present, which is why AARP first launched Life Reimagined. People are looking for help navigating these new realities and figuring out what to do next in their careers or work.”
Alan Newman Research fielded the random-digit-dial telephone survey of 1,026 adults in mid-May. The sample, which comprised approximately 70% landline and 30% cell phones, was weighted to be representative of the U.S. population aged 35 and older.
UN data show the average U.S. retirement age is rising; it was 64 in 2014, up from 63 in 2010. The Social Security Administration’s full retirement age is rising gradually from 65, for those born in 1937 or earlier, to 67 for those born in 1960 or later.
Researchers asked the AARP survey participants what kept them up at night besides fears about retirement. Half cited financial concerns.
Forty-two percent were concerned about physical health challenges, 22% fretted about relationship issues and 20% had worries about work.
A third of respondents felt their health would present the biggest challenge the in the next five years.
This was a much higher proportion than those who expected challenges related to their children, their work, (re)discovering their purpose, their home or their romantic relationships, according to the survey findings.