Is it still retirement if you’re working to make ends meet?
Share Now on:
Is it still retirement if you’re working to make ends meet?
For a lot of Americans, the definition of retirement is expanding to include, um, work.
A new survey from the Transamerica Center for Retirement Studies paints a pretty grim picture, with four in ten people saying they expect to work during retirement because of shortfalls in savings and social security. Most people told Transamerica they still wouldn’t have enough saved by age 65 and nearly 80 percent said they’re worried social security won’t be there when they retire.
The retirement worries span all generations, but Baby Boomers led the charge, with two-thirds saying they’d keep working after retirement, or not retire at all. Forty-five percent said they expect their living standards to drop after retirement.
There’s a lot more in this release, but we put it to you: will you keep working after retirement age? What will you do, and for how long?
Some of you were blunt: retirement just isn’t happening.
@Marketplace yes. Forever. I’ll never be able to afford to retire.
— Elizabeth McKinstry (@wrk2lib) August 23, 2016
@Marketplace As a Gen-Xer, I honestly don’t think I’m ever going to be able to retire.
— (((R S Y Buchanan))) (@rsybuchanan) August 23, 2016
@Marketplace Been without salary for a year now. Living off IRA and savings currently. I expect to be self-employed for the rest of my life.
— Laurie Robey (@laurierobey) August 23, 2016
@Marketplace Retire? What’s that? 🙂
— Bob Hearn (@HearnBob) August 23, 2016
Some of you left the door open to keep working, but voluntarily.
@Marketplace I have 29 years until retirement. Planning for work to be optional; only do it if I’m bored and want to feel productive.
— Todd J. Emery (@ToddJEmery) August 23, 2016
@Marketplace I intend to keep doing what I do (proofreading/editing) in some form until I die.
— Memphis Expat (@MemphisExpat) August 23, 2016
@Marketplace 2 things: main business in Web security, and translation and proofing/editing. Can’t imagine not being active
— MDBurgos (@MDBurgos1) August 23, 2016
@Marketplace Will work to stay occupied. Part time job doing something I enjoy. Couple hours a week.
— Brian Cross (@BrianCross01) August 23, 2016
And finally, some of you are mulling a career move.
@Marketplace going from software development to coaching and teaching. Definite drop in income.
— Rene Rodriguez (@rxrodriguez) August 24, 2016
@Marketplace something different. I am an accountant. I want to start a lawn service company.
— G Wayne Brantley (@dogmadden) August 24, 2016
@Marketplace pursue a passion (like import/distribute wine and spirits) with hope of making a few $ just to supplement IRA.
— Spencer Cutter (@CrewCutter) August 24, 2016
@Marketplace retirement is a long way off, but if I were presented with the opportunity to Have Opinions™ in exchange for money, I’d take it
— Ben Cotton (@FunnelFiasco) August 23, 2016
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
