Majority of Americans Plan to Continue Working in Retirement
November 13 2019 - 8:30AM
Business Wire
New survey highlights the rise of
unretirees
Employees age 65 and older currently make up the fastest-growing
segment of the American workforce1. In fact, according to a new
survey conducted by The Harris Poll on behalf of TD Ameritrade, the
majority of Americans age 40 and older plan to continue working in
a paid position after retiring. Often with a longer lifespan in
mind, some are continuing to work to help make financial ends meet,
while others are doing it to stay busy and keep their minds
sharp.
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Majority of Americans plan to continue
working in retirement (Graphic: TD Ameritrade)
“Gone are the days of retirement being seen as an essential,
defined life stage, where an employee could expect to work for a
company long-term and be taken care of after retiring,” said
Christine Russell, senior manager of retirement and annuities at TD
Ameritrade. “As the workplace landscape continues to evolve,
Americans are going to need to make an assessment about what their
retirement trajectory may actually look like, and plan
accordingly.”
The rise of the unretiree Many unretirees, those who plan
to continue working in retirement or have gone back to work after
retiring, plan to work 20 hours per week or more.
- When it comes to working in a paid position after retiring,
more Americans in their 40s and 50s are planning to work than those
in their 60s and 70s:
- Ages 40-49: 92%
- Ages 50-59: 86%
- Ages 60-69: 66%
- Ages 70-79: 52%
- On average, those in their 40s and 50s plan to work 20 hours
per week in a paid position after retiring, and even those in their
70s plan to keep working 10 hours per week.
- Americans age 40 and older are not only looking for paid work
after retiring, they’re also looking to volunteer: 46% have
volunteered or would consider volunteering at a
non-profit/community center after retiring.
- Many are investigating mini-retirement breaks and
“unretirement” options:
- More than half (53%) would rather work longer in their lifetime
and have small one-year mini-retirement breaks than work without a
break until retirement
- Nearly 3 in 10 (28%) have done or would consider intermittent
retirement
What forces are driving unretirees?
The effects of living longer Americans are living longer
than previous generations2, which is shifting their employment
timelines, along with their spending and saving behaviors.
- More than half (55%) of unretirees plan to continue working
until the end of their lives.
- Unretirees did or are planning to do the following before
retirement to prepare for a potentially longer life span:
- Reduce overall expenses to save more: 59%
- Increase income outside of full-time job: 35%
- Get help from a financial advisor on how to plan: 27%
About TD Ameritrade Holding Corporation TD Ameritrade
provides investing services and education to approximately 12
million client accounts totaling approximately $1.3 trillion in
assets, and custodial services to more than 7,000 registered
investment advisors. We are a leader in U.S. retail trading,
executing an average of approximately 800,000 trades per day for
our clients, more than a quarter of which come from mobile devices.
We have a proud history of innovation, dating back to our start in
1975, and today our team of 10,000-strong is committed to carrying
it forward. Together, we are leveraging the latest in cutting edge
technologies and one-on-one client care to transform lives, and
investing, for the better. Learn more by visiting TD Ameritrade’s
newsroom at www.amtd.com, or read our stories at Fresh
Accounts.
Brokerage services provided by TD Ameritrade, Inc., member FINRA
(www.FINRA.org) / SIPC (www.SIPC.org)
Source: TD Ameritrade Holding Corporation
About The Harris Poll The Harris Poll is one of the
longest-running surveys in the U.S., tracking public opinion,
motivations and social sentiment since 1963. It is now part of
Harris Insights & Analytics, a global consulting and market
research firm that strives to reveal the authentic values of modern
society to inspire leaders to create a better tomorrow. We work
with clients in three primary areas; building twenty-first-century
corporate reputation, crafting brand strategy and performance
tracking, and earning organic media through public relations
research. Our mission is to provide insights and advisory to help
leaders make the best decisions possible. TD Ameritrade is separate
from and not affiliated with the Harris Poll, and is not
responsible for their services or policies.
Survey Methodology This survey was conducted online
within the United States by The Harris Poll on behalf of TD
Ameritrade from August 30 to September 10, 2019, among 2,000 U.S.
adults ages 40-79 with at least $25,000 in investable assets. The
audience was divided into four decades: 40-49 (n=500), 50-59
(n=500), 60-69 (n=500) and 70-79 (n=500). Of those survey, 653
identified as unretirees, which is defined as those who plan to
continue working in retirement or went back to work after
retiring.
1 https://www.cnbc.com/2019/04/13/older-workers-are-fastest-growing-labor-pool-and-the-least-protected.html
2 https://www.cdc.gov/nchs/data/nvsr/nvsr68/nvsr68_07-508.pdf
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191113005032/en/
For Media: Becky Niiya, 402-574-6652 Director, Corporate
Communications rebecca.niiya@tdameritrade.com @TDAmeritradePR
For Investors: Jeff Goeser, 402-597-8464 Managing Director,
Investor Relations jeffrey.goeser@tdameritrade.com
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