More and more Americans are working past the traditional retirement age, as many fear social security and their savings simply won’t be enough. To learn more about why senior citizens are putting off retirement, Provision Living surveyed 1,000 seniors who are currently employed.
They discovered nearly half (45%) are still working full-time, 40 hours or more a week, while just over half (55%) have taken on part-time employment. The primary motivation for remaining in the workforce is financial, with 62% of working seniors saying they have monetary reasons for keeping their jobs. The remaining 38% of working seniors say they still work for personal reasons; the most popular of which is because they simply enjoy working. For those who cited finances as their rationale for working, 37% said they cannot currently afford to retire, while an additional 23% say they are still supporting their family. The study found that the average working senior has only $133,108 put away for retirement.
