Baby boomers over 50 expect to work in retirement: poll
By Lauren McNitt
ProWEB Wire (Industry News)
Yet another poll indicates the Great Recession and continued economic volatility has convinced baby boomers they will need to continue working in retirement.
The Allstate Corporation and National Journal poll found more than two-thirds of “near-retirees” — baby boomers age 50 and older who are not yet retired — expect to work after retirement. Just 11 percent of current retirees report that they work.
Near-retirees have different expectations for their income and financial security than retirees, according to the report. More than half of retirees said their pension is a major income source, while just 37 percent of near-retirees said they expect income from a pension. In addition, just 8 percent of retirees said part-time work is a major income source, while 34 percent of near-retirees said it will be.
Both groups share similar views on Social Security: 68 percent of retirees said it is a major source of income, while 62 percent of near-retirees expect it to be.
Individuals who are already retired have a higher confidence in their financial security than near-retirees. Nearly 80 percent of retirees said they are confident about their retirement security, while just 67 percent of near-retirees said the same.