May 9 (UPI) — Almost 75 percent of American workers say they plan to work past retirement age, mostly in a part-time capacity, according to a Gallup survey.
In the poll, 63 percent said they plan to work part time past the retirement age — usually defined as 65 — and an additional 11 percent of the respondents say they want to work full time. Twenty-five percent hope to stop working altogether.
The findings are from Gallup’s Economy and Personal Finance survey, conducted April 5-9, with 718 adults, age 18 and older, living in all 50 U.S. states and the District of Columbia who are not retired.
The margin of error is 5 percentage points.
The percentage of employees planning to continue working full time after retirement age has ticked down from 18 percent in 2011 and 15 percent in 2013. Those wanting to work part-time measured 63 percent in 2011 and 61 percent in 2013.
For those hoping to stop work altogether, it was 18 percent in 2011 and 22 percent in 2013.
Regardless of their retirement-age plans, employed adults mostly say their choice is out of preference rather than necessity.
Those surveyed were asked whether they “want to” vs. “will have to” retire.
Forty-four percent of employees surveys said they “want to” continue working part time and 18 percent “will have to.” In 2013, it was 34 percent who “want to.” Six percent of all those surveyed said they “want to” continue working full time and 5 percent “will have to.” A vast majority of those planning to retire altogether said “they want to” — 22 percent of the total sample — vs. “will have to” — 3 percent.
Adults are split on when they think they actually will retire. Thirty-nine percent said it will be after age 65, compared with 24 percent at 65 and 29 percent under 65.
These numbers are dramatically different than 1995 when only 14 percent said they expect to retire after they are 65. And 49 percent said they expect to retire under 65 as opposed to 32 percent.
The change is heavily reflective of the fact that the age to start collecting Social Security benefits has risen to 67. In addition, companies have moved away from guaranteed pension plans.
“Some employed Americans may be overly optimistic about their retirement finances, perhaps thinking they have enough money for retirement when in actuality they might not,” Gallup’s Art Smith said.
“At the same time, nearly 40 percent of Americans now believe they will retire after 65 — a stark departure from their beliefs in the 1990s. Whether it is working to make ends meet or for pleasure/life enhancement, more Americans plan to stay in the workforce longer.”
Current retirees also were surveyed. Sixty-eight percent say they retired before age 65 and 30 percent left the workforce when they were 65 or older. The poll surveyed 301 retirees and the margin of error is 7 percentage points.
