Americans plan to work during traditional retirement years

MAY 13, 2012
Don't expect Gen X and Y to be spending much time with the grandkids. According to an online survey of 860 investors, almost seven out of 10 people between 21 and 50 plan to work either part time or full time during what are traditionally considered their retirement years. Almost three-quarters of those who said they intend to work will do so to stay active and involved, while the remainder said they will continue because their savings will be insufficient. The survey was conducted in December by Harris Interactive for T. Rowe Price Group Inc. Among those surveyed, the mean age for expected retirement is 62. They expect to spend 22 years in retirement, and most (77%) expect taxes to rise by the time they stop working. Christine Fahlund, a senior financial planner with T. Rowe Price, said that identifying a possible shortfall in retirement savings early is good, but not enough. “Now is the time to take the bull by the horns and do something about it,” she said. She also thinks that many young investors are being overly ambitious about their post-retirement work plans; they could easily find themselves less inclined to work as they get older.

Latest News

The power of cultivating personal connections
The power of cultivating personal connections

Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.

A variety of succession options
A variety of succession options

Whichever path you go down, act now while you're still in control.

'I’ll never recommend bitcoin,' advisor insists
'I’ll never recommend bitcoin,' advisor insists

Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.

LPL raises target for advisors’ bonuses for first time in a decade
LPL raises target for advisors’ bonuses for first time in a decade

“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.

What do older Americans have to say about long-term care?
What do older Americans have to say about long-term care?

Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.

SPONSORED The future of prospecting: Say goodbye to cold calls and hello to smart connections

Streamline your outreach with Aidentified's AI-driven solutions

SPONSORED A bumpy start to autumn but more positives ahead

This season’s market volatility: Positioning for rate relief, income growth and the AI rebound