We've written so often for so long about Americans - and especially baby boomers - delaying retirement that I'm honestly getting tired of the topic.
But a recent Associated Press - NOARC Center for Public Affairs Research study on this subject caught my eye. Key quote on their findings from an AP article on the study:
Some 82 percent of workers 50 and older say it is at least somewhat likely they will work for pay in retirement. And 47 percent of them now expect to retire later than they previously thought — on average nearly three years beyond their estimate when they were 40.
The 82% number really jumped out at me. It's higher than any other I've seen on this topic. Most surveys show about 65% plan on delaying retirement.
Part of the reason is the survey question was written in a way that encouraged people to say they would likely work in retirement.
But another factor is happening. More and more people are realizing they either are going to want to work in retirement or they're going to have to work in retirement.
As we've pointed out in the past, older workers are much more likely to be self-employed than younger workers. This means a surge in self-employment as more people choose to work instead of fully retiring.
BTW, the other interesting finding in the study is how old is considered old. According to the study, surveyed adults 50 and older think a person becomes old at 71.5 years.
So despite what my kids say, I'm many years away from being old.
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