Transamerica Insurance released their 14th annual retirement survey. This is a comprehensive online poll of over 3000 Americans aged 18+ working for for-profit companies with 10 or more employees.
Most interesting to us here at Small Business Labs are the attitudes related to working past traditional retirement age.
We're interested in this because a large percentage of older workers tend to be self-employed and/or start micro-businesses (less than 5 employees including the owner).
Today, for example, about 27% of Americans aged 65+ that are still in the workforce are self-employed. This compares to about 10% of the overall workforce.
As the chart from the study below shows, most Americans plan to work past age 65. And 62% of baby boomers plan to work past 65.
Despite these survey results, we don't expect the workforce participation rates for older workers to increase to the 60% range (survey questions like this tend to get a lot of false positive responses).
But it's clear from this survey and others like it that workforce participation - and small business formation - will be increasing as aging baby boomers choose to work past 65.