A national survey on retirement expectations of multi-generational workers found that a full two-third of baby boomers plan to or already are working past age 65 don’t plan to retire at all – confirming a significant change in the workforce in recent years.
The nonprofit Transamerica Center for Retirement Studies released its 17th Annual Transamerica Retirement Survey that looked at the retirement expectations of Baby Boomers, Generation X and Millennials. The online survey, conducted in the U.S. by Harris Poll for TCRS, took a representative sample of over 4,100 full- and part-time workers representing each generational sector.
Among the key highlights:
- 61 percent of workers said they had not fully recovered from the Great Recession, including 41 percent who had somewhat recovered, 13 percent who had not yet begun to recover and 7 percent who may never recover.
- 77 percent said they were concerned Social Security won’t be there when they are ready to retire.
- 65 percent believe that they could work until age 65 and not save enough to meet their needs.