Commentary

Retirement No Longer Means Not Working

Retirement No Longer Means Not Working

 A newly released report, by the JWT Mature Market Group and ThirdAge, Inc. (an online survey of 1,680 adults 40+ years of age who currently work full- or part-time for pay), finds that personal fulfillment across all demographic groups is a very important factor in the decision to work in retirement. The report says that Baby Boomers and Aging Mid-lifers are working for more than pay. The new definition, now, of fully retired, does not mean not working.

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42% of these groups say that plan to fully retire, but of those, 70% plan to work (13% full time, 32% part time and 26% occasionally)

The key reasons given for continuing to work are to:

  • Stay mentally active(74%)
  • Be productive or useful(63%)
  • Stay physically active (62%)
  • Be around people (55%)
  • Keep learning newthings (52%)

Differences for work decisions appear by age and income

 

All

$30K HH

Single women

Pay for basic living expenses

46%

69%

57%

Health insurance/benefits

40%

37%

45%

When asked about their job situation:

  • 42% say it's personally rewarding to me
  • 31% it is something that pays the bills
  • 26% say it's a job I've had for along time and it's what I do.

But by income and age the remarks vary:

  • 56% of $80K+ HH say it is personally rewarding
  • 52% of$30K HH say it is something that pays the bills
  • 63% of those 65+ find their job personally rewarding (versus only 35% for 40- 54 year olds)
  • 58% of those 65+ say their contributions are valued by employer

There are big differences, says the report, between men and women and their likelihood to make changes to appear younger in the workforce.

Married men are most likely NOT to try to appear younger in the workforce (62%). Single women are at the opposite of the spectrum (40%). Single men are more likely to make changes to appear younger such, as dying their hair (20%) than married men (9%). Single women are also more likely to make cosmetic and behavioral changes, such as exercising more (49%) and wearing different clothing (27%) than married women are (44% and 20% respectively).  People in the 50s(particularly their early 50s) are most likely to change their appearance to look younger in the workforce. This holds true for both men and women in their 50s. 

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