Gallup recently released a set of survey results on retirement. Key quote from the report:
According to Gallup's annual Personal Finance poll, conducted April 2-5, 2007, nearly three-quarters of nonretired Americans say they plan to rely on income from part-time work after they "retire," to help fund their golden years. This includes 21% who say part-time work will be a major income source for them, and another 52% who say it will be a minor source.
This is quite a shift from current retirees, with 78% of current retirees reporting that part or full time work is not a source of retirement income. This survey echos the research we've done, especially on boomers and retirement. Boomers both want and think they need to continue working in retirement. They want to work to stay involved, be active, and continue to contribute to society. At the same time, many boomers think they will need to work to afford a comfortable retirement.
In terms of small business, later retirement ages and boomers working in retirement will have several impacts. First, since small business creates most of the new jobs in the US most of the jobs available to retirees will be small business jobs. Second, we think an increasing number of older Americans will start part-time and personal businesses (sole proprieterships or businesses with no employees beyond the owner). They will do this for both emotional and financial reasons - an greatly increase the small business formation rate for older Americans.