5 Reasons Older Workers are Delaying Retirement

Employees age 60 and over say they are not ready to retire.

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Many workers age 60 and older say they are not ready to retire. A recent CareerBuilder and Harris Interactive survey of 536 full-time employees in the private-sector who are age 60 and older found that 65 percent plan to delay retirement, down from 72 percent last year. Here is why these older workers say they plan to stay in the workforce.

[See 4 Ways to Stay Employed After Age 50.]

Not enough money saved. Most older workers are postponing retirement because they simply don’t have a big enough nest egg to support themselves without working (65 percent).

Need health insurance. Over half (58 percent) of the employees surveyed continue to work because they need health insurance or other benefits they get through their job.

Enjoy working. Work isn’t only about the money for older employees. Many people over 60 continue to work because they enjoy their job (39 percent) or where they work (36 percent).

[See 30 Fast-Growing Careers for Older Workers.]

Stay active. Some older workers fear that retirement may be boring (26 percent). Nearly half (47 percent) of those surveyed say they plan to find a part-time job after retiring to stay active and help earn extra income.

Give back. Many employees have a desire to continue to help others and be a part of the community in retirement. Some 14 percent of those surveyed say they continue to work because they enjoy feeling needed.

[See 7 Tips for Working for a Younger Boss.]

Most of the workers in the survey plan to eventually retire. About a quarter (28 percent) of those surveyed plan to retire within the next two years and 27 percent are aiming to retire in three or four years. However, 16 percent of workers over 60 say it will be 7 or more years before they can stop working and 10 percent don’t think they will ever be able to retire.