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Number of senior workers delaying retirement reaches new post-recession low

Staff writer ▼ | February 23, 2015
According to CareerBuilder's annual retirement survey, the number of workers age 60 or older currently delaying retirement reached a post-recession low of 53 percent. This number is down from 58 percent last year and 66 percent in 2010.
Delaying retirement
U.S. employment trends   Many senior workers do not want to stop working
53 percent of workers (age 60+) are currently delaying retirement, down from 66 percent in 2010
54 percent of workers (age 60+) say they will work part or full-time after retirement
54 percent of employers hired mature workers in 2014, up from 48 percent in 2013

According to CareerBuilder's annual retirement survey, the number of workers age 60 or older currently delaying retirement reached a post-recession low of 53 percent. This number is down from 58 percent last year and 66 percent in 2010.

The nationwide survey was conducted by Harris Poll on behalf of CareerBuilder from November 4 to December 2, 2014, among a representative sample of 438 full-time workers (age 60+) and 2,192 hiring and human resources managers.

“As household financial situations continue to rebound from the recession, economic confidence among senior workers is significantly improving,” said Rosemary Haefner, chief human resources officer for CareerBuilder. “Reaching retirement, however, is proving to be a challenge for millions. Fortunately, for those workers needing a new job near the end of their careers, employers are hiring seniors at a faster rate than we've seen in recent memory.”

75 percent of workers age 60 or older currently delaying retirement cite the recession as a cause. Twelve percent don't think they will ever be able to retire – up slightly from 11 percent last year – and nearly half (49 percent) feel retirement is at least 5 years out.

Fifty-four percent of senior workers (age 60+) say they'll work after retiring from their current career – up from 45 percent last year. Of this group, 81 percent say they'll most likely work part-time, while 19 percent plan to continue working full-time. Customer service, retail and consulting are the three most common jobs these workers plan to pursue.

Meanwhile, one in six workers age 60 or older say they are taking this time in their life to pursue a dream job or passion project.

For seniors out of work or planning to work post-retirement, the job search may be getting easier. Fifty-four percent of private sector employers hired mature workers (age 50+) in 2014 – up six points from last year's 48 percent – and 57 percent plan to do so in 2015.

At 78 percent, the inability to retire due to household financial situations is the clear number one reason senior workers delay retirement. The need for health insurance and benefits follows at 60 percent.

However, many senior workers simply don't want to stop working. One third of workers (age 60+) delaying retirement aren't calling it quits because they enjoy their job; 28 percent are delaying retirement because “they enjoy where they work” and 26 percent “fear retirement may be boring.”

This survey was conducted online within the U.S. by Harris Poll on behalf of CareerBuilder among 438 workers ages 60 and over (employed full-time, not self-employed, non-government) and 2,192 hiring and human resources managers between November 4 and December 2, 2014 (percentages for some questions are based on a subset, based on their responses to certain questions).


 

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