It was not so long ago that most Americans subscribed to a conventional view of retirement: living a life of leisure, traveling the globe, spending more time with children and grandchildren.
Time for a reappraisal. According to a new Merrill Edge Report, most millennials — 83 percent of individuals ages 18 to 34 — plan to continue working during their golden years. Among Gen Xers (ages 35 to 52), the proportion is nearly as high (79 percent).
The reasons vary. Many millennials cite a continuing need for income; others, the report notes, simply want to “keep busy” or “pursue a passion.”
This widespread desire to remain gainfully employed in retirement stands in marked contrast to that of the oldest respondents in the Merrill Edge survey, which polled 1,000 mass affluent Americans about their views on retirement between September 24 and October 5, 2016. Fewer than 1 in 5 (17 percent) current retirees are employed. Among boomers, a slimmer majority (64 percent) plan to continue to working after age 65.