Why a Work-Free Retirement Has Become a Myth
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The Fiscal Times
October 15, 2013

More than 8 in 10 working Americans age 50 and older say it’s likely they’ll do some work for pay during their retirement, according to a new study.

Since the Great Recession, Americans are also pushing back their retirement age, according to the study, Working Longer: Older Americans’ Attitudes on Work and Retirement, by the Associated Press-NORC Center for Public Affairs Research. Before the recession, the average retirement age was 57, while the average age for those who retired post-recession is 62. 

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“The survey illuminates an important shift in Americans’ attitudes toward work, aging, and retirement,” Trevor Thompson, director of the AP-Norc Center, said in a statement. “Retirement is not only coming later in life, it no longer represents a complete exit from the workforce.”

RELATED: WHY BOOMERS ARE DITCHING RETIREMENT TO GO TO WORK

Among those who are currently working, 47 percent plan to retire at a later age than they expected at age 40, for reasons that include financial need, health, and the need for benefits. 

About half of workers surveyed say that their boss is younger than them. But those with older bosses are more likley to consider age an asset to their career, and les sliekly to report that they have cut back on their hours.

One-fifth of older workers say that they have personally experienced prejudice or discrimination because of their age in the job market or at work since turning 50. Forty-four percent of those who experienced discrimination have looked for a job in the past five years.bosses are more likely to consider age an asset to their career, and less likely to report that they have cut back on their hours.

The findings are from a nationally representative sample of 1,024 Americans age 50 and older.

Life + Money Editor Beth Braverman covers all things personal finance. Formerly a senior reporter and social media editor at MONEY magazine, she’s also held gigs as a newspaper reporter and trade magazine editor.