Even as most workers expect to retire by age 65, a growing number say they expect to have issues in sustaining income throughout retirement.
A new report by HireClix, a recruitment marketing services company, found that while 71% of people anticipate retiring by age 65, 64% expect to have trouble affording normal life expenses and the activities they’ll want to do throughout retirement.
Others say they’re concerned about Social Security’s longevity (42%), not having access to healthcare (32%), and lacking a sense of purpose or not feeling fulfilled (27%) during retirement.
As a result, nearly all (80%) of those surveyed would consider working part-time after retirement, either for extra money or to feel a renewed sense of purpose. Close to half (48%) are also concerned over the state of the economy, which has caused them to reconsider their retirement plans, including working past their full retirement age (FRA).
“Regardless of if retirement is imminent or decades away, there’s a growing trend among consumers that traditional, full-time retirement plans are no longer attractive or sustainable – either from a financial perspective, or for those seeking a sense of fulfillment,” said Neil Costa, founder and CEO of HireClix. “For whatever reason, employees are staying in the workforce longer, and it’s increasingly obvious that retirement in its traditional form needs a refresh.”
Few respondents are interested in working in consulting or gig work, like driving for ride-share apps like Uber (13%), while some would consider working for their current company in a part-time or consulting role (16%). Others would rather continue working full-time than retire (25%), a trend that Costa notes could present an opportunity for employers. According to the findings, 17% of consumers currently work for a company that offers a “flextirement” program—a solution that provides phased retirement schedules so workers can step into their post-work life at a steadier pace rather than abruptly retire.
As more workers want to stay in their roles past retirement age, Costa expects interest in “flexretirement” to grow in the coming years.
“It’s not about ensuring part-time, menial work is available to supplement business and worker needs – the opportunity is bigger than that for both parties,” he added. “Smart employers are strategically engaging workers who are considering retirement, putting their career-long expertise to work in an impactful way.”
SEE ALSO:
· Forced Into Retirement, More Retirees Look to Part-Time Work
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.