Many senior Americans continue to work after they become eligible for full Social Security benefits at age 66. Participants in a recent survey by Provision Living, a service provider for older adults and their families, said they would retire on average at 72.
Provision Living conducted a poll in August to find out why seniors put off retirement. The sample comprised 1,032 people between the ages of 65 and 85 who worked either full time or part time. Sixty percent of respondents were men and 40% women, and their average age was 67.
Previous research by Provision Living showed that in U.S. cities with populations of 200,000 or more, at least 20% of the senior population was still in the workforce.
Part Time vs. Full Time
Fifty-five percent of respondents in the new study said they worked part time and 45% worked full time. The average age at which working seniors switched to part-time employment was 61.
One-third of working seniors said they enjoyed working and did not wish that they were retired, while 20% said they would like to continue working, but with fewer hours.
The survey showed that many seniors found it difficult to keep up with the ever-changing and evolving workplace. Forty-four percent reported that physical or mental limitations prevented them from completing tasks, causing some to worry about losing their jobs.
Thirty-six percent of respondents said they feared being laid off because of their age, and 33% said they had experienced “ageism,” or stereotyping because of their age.