So Much for Retirement

September 7, 2016

Seventy percent of non-retired Americans intend to work as long as possible during retirement, according to a new Bankrate Money Pulse survey. Only 25 percent said they have no plans at all to work during retirement.

Princeton Survey Research Associates International conducted the survey from Aug. 18 through Aug. 21 in 2016. It collected the information of 1,000 adults living in America. Interviewers used both English and Spanish over the telephone and in-person.

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The survey suggested that retiring early is no longer a common goal. Compared to the 27 percent collected in a 2007 poll, just 13 percent of non-retired respondents plan to retire in their 50s.

“Working during retirement brings a lot of benefits,” said Jill Cornfield, Bankrate’s retirement analyst, in a statement. “I’m not surprised that nearly three-quarters of people said they’d like to work as long as they can while in retirement. It’s not just the money. When you can work as a consultant or find some part-time gig, it helps you stay sharp.”

Out of the 70 percent planning to work as long as possible during retirement, 38 percent will because they enjoy it, while 35 percent expect financial need. Twenty-seven percent claimed both reasons.

“A friend told me, you want to retire to something, not from something,” Steven Hausman, a 71-year-old researcher and senior executive at the National Institutes of Health in Washington, D.C., said in a Bankrate release.

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So what is Society Security’s role in providing for the elderly?

Seventy percent of non-retirees expect Social Security to account for some of their income in retirement, including the 10 percent who are depending on Social Security for the entirety of their income.

The study also found that 32 percent of millennials don’t expect to receive any money from Social Security at all when they retire.

To read more about retirement in America, click here.