“According to a recent study commissioned by Bankers Life Center for a Secure Retirement, a whopping seventy-two percent of America’s retired baby boomers are not currently working for pay in retirement,” writes Daniel Williams in a lifehealthpro.com piece headlined Reality bites for boomers unable to work in retirement. Excerpts from the article:
“But it’s not so they can spend their golden years on the golf course because 48 percent of them ‘would like to work but cannot, due to their own health reasons (35 percent), the health of a loved one (5 percent) or because they can’t find a job (8 percent)’.
Additional findings from the study:
“* 69 percent)of retired boomers say they would have liked to have worked longer but find that they retired earlier than expected.
“Whether your clients like urban bustle or small-town charm, they might revise their retirement plans after reading this list.
“* Among those, 79 percent retired early for reasons that were not in their control, such as a personal health situation (39 percent), being laid off (19 percent) or could no longer perform their job (6 percent).
“* 28 percent of retired boomers are either currently employed or have been employed for pay during retirement. Of those currently working, more than six in 10 (61 percent) say they are working because they want to work, not because they have to work. In contrast, more than seven in 10 (71 percent) non-retired boomers say they are working because they have to work.
“* 59 percent work for non-financial reasons, including to stay mentally alert (18 percent), to remain physically active (15 percent), to have a sense of purpose (14 percent) or to stay socially connected to others (7 percent). Furthermore, half (49 percent) expect to work beyond age 70 or as long as their health will allow. “