Reality Bites for Boomers Unable to Work in Retirement, New Study Unveils
Retired Boomers are Returning to Work for Non-Financial Reasons
Seventy-two percent of America’s retired Baby Boomers are not currently working for pay in retirement. However, of those, a surprising number (48%) would like to work but cannot, due to their own health reasons (35%), the health of a loved one (5%) or because they can’t find a job (8%), according to a new study commissioned by Bankers Life Center for a Secure Retirement® (CSR).
The study – New Expectations, New Rewards: Work in Retirement for Middle-Income Boomers – surveyed 1,005 middle-income Boomers and 2,293 retired Boomers aged 51 to 69 with an annual household income between $25,000 and $100,000.
A majority (69%) of retired Boomers say they would have liked to have worked longer but find that they retired earlier than expected. Among those, nearly eight in 10 (79%) retired early for reasons that were not in their control, such as a personal health situation (39%), being laid off (19%) or could no longer perform their job (6%).
Meanwhile, many retired Boomers who are in a position to continue working are doing so for reasons beyond just pay.