Better Late Than Never
59%: Percentage of older workers who expect to delay their retirement date
The March jobs report was unkind to many, but that lukewarm news may especially affect older workers as they consider their potential retirement age. According to an annual survey by Mercer, the number of those age 50 and over concerned about their job security is now 36%. Which is a big reason why 59% of respondents over 50 expect to delay their retirement date, up four points from the year before.
Data from the Bureau of Labor Statistics already shows a growing percentage of older workers. One in five workers is now 55 or older (22% of the employed work force), up from 15% ten years earlier. Part of it is the passage of time, as the Baby Boomer generation climbs up the age ladder, but part of it may also be letting go of that dream of early retirement for a more realistic future.
No matter where you are in your career, there are plenty of actions you can take to navigate the new world of retirement. Start planning now.
Sources: Plan Adviser "Older Employees Delaying Retirement," 3/28/13; Mercer Workplace Survey 12; Bureau of Labor Statistics
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