CHICAGO, July 8, 2015 /PRNewswire/ -- Nearly
two-thirds (60%) of America's Baby Boomers plan to work for pay in
retirement, however, they are unrealistic about the compensation
and work arrangements, according to a new study commissioned by
Bankers Life Center for a Secure Retirement ® (CSR).
The CSR study— New Expectations, New Rewards: Work in
Retirement for Middle-Income Boomers—surveyed 1,005
middle-income Boomers and 2,293 retired Boomers aged 51 to 69 with
an annual household income between $25,000
and $100,000.
While more than half of nonretirees would be willing to take a
pay cut for their work in retirement, only two in 10 (21%) would be
willing to work for much less per hour, and a quarter (26%) would
not be willing to work for less at all. These expectations don't
match the reality— more than half (53%) of currently employed
retirees report making much less per hour now than before
retirement, the study cites.
In terms of work arrangements, nearly all (94%) nonretirees who
plan to work in retirement would like some type of special work
arrangement, such as flex-time (56%), telecommuting (20%),
compressed work schedule (17%) or job-sharing (14%). Yet only about
one-third (37%) of currently employed retirees report having such
an arrangement.
Job opportunities for retired workers
Boomer Retirees
represent a large and growing category of potential workers willing
to "reenter the workforce." In fact, the Bureau of Labor Statistics
projects that by 2020, those 55 and older will be 25.2 percent of
the labor force.
While 80 percent of employed retirees report that it was easy to
find a job in retirement, more than three in five (61%)
middle-income Boomers feel there are inadequate job opportunities
for retired workers.
Retirees seek training and education
While retirees
are willing to make some sacrifices in compensation in return for
greater flexibility, they are not willing to forgo training and
growth opportunities. Employed retirees are interested in expanding
their skills and broadening their knowledge.
Four in 10 (39%) employed retirees say they have completed
work-related classes, education or training since retiring,
including those who pursued training on their own (18%), those who
received the training from their employer (17%), and those who
received training both on their own and from an employer (4%).
Working in retirement surprises
When employed retirees
were asked about the biggest surprise about working in retirement,
the overwhelming response is that work is more enjoyable. They also
enjoy the added income, the job opportunities available to them and
meeting new people.
Working in retirement advice
When asked to offer
advice about working in retirement, employed retirees most often
say that it is important to find work you like and enjoy. Others
add that it is important to take it easy and only work part time.
Respondents advise that working helps mentally and physically, and
that for those retirees who want to work, there is no reason to
wait— simply "do it!"
"Work in retirement can be the perfect time to explore a passion
or interest that we were unable to pursue during our primary
working career," said Scott
Goldberg, president of Bankers Life. "Don't feel limited by
prior employers, industries or work experience. Look around and
find the situation that balances your needs with your
interests."
Methodology
The New Expectations, New Rewards: Work
in Retirement for Middle-Income Boomers is part of a series of
studies commissioned by the Bankers Life Center for a Secure
Retirement. It was conducted in February and March 2015 by the independent research firm The
Blackstone Group.
The findings are from two internet-based surveys:
- Main survey: a nationwide sample of 1,005 middle-income
Boomers. Quotas were established based on the U.S. Census Current
Population Survey data for age, gender and income to obtain a
nationally representative sample. The margin of error is +/- 3.1
percentage points at the 95% confidence level.
- Supplemental survey: a nationwide sample of 2,293 retired
middle-income Boomers to assess the percentage of retired Boomers
who are working in retirement. The margin of error is +/- 1.6
percentage points at the 95% confidence level.
All respondents were aged 51 to 69 and have an annual household
income between $25,000 and
$100,000.
About the Center for a Secure Retirement
The Center
for a Secure Retirement is the Bankers Life's research and consumer
education program. The Center's studies and consumer awareness
campaigns provide insight and practical advice to help everyday
Americans achieve financial security in retirement.
About Bankers Life
Bankers Life focuses on the
insurance needs of middle-income Americans who are near or in
retirement. The Bankers Life brand is a part of CNO Financial
Group, Inc. (NYSE: CNO), whose companies provide insurance
solutions that help protect the health and retirement needs of
working Americans and retirees. There are more than 5,000 Bankers
Life insurance agents at over 300 offices across the country. To
learn more, visit BankersLife.com.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/baby-boomers-have-unrealistic-expectations-about-job-flexibility-and-pay-in-retirement-new-study-says-300110027.html
SOURCE Bankers Life Center for a Secure Retirement