Survey: Retiring at 65 becoming less common

WASHINGTON — The notion of retiring and starting a life of leisure at age 65 appears to be less of a reality for a growing number of Americans.

A recent CareerBuilder survey found 30 percent of U.S. workers age 60 and older don’t expect to retire until they are at least 70 years old. Another 20 percent don’t think they will ever be able to retire.

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Not thinking they’ll have enough money set aside for a comfortable retirement tops the list, but the survey also found that 34 percent of workers 60 and older say they aren’t even sure how much they’ll need in retirement.

“Faced with the expectations of living healthier for longer, older adults may opt to remain in the workforce for longer and defer savings, pensions and Social Security for older age,” said Rosemary Haefner, chief human resources officer for CareerBuilder.

“The increased workforce participation for older adults has implications for retirement policy, health care financing, Social Security and the behavior of employers and employees alike,” she said.

Despite knowing the need for a nest egg, many older Americans are still not saving what they should.

The CareerBuilder survey found 26 percent of workers 55 and older said they do not participate in a 401(k), IRA or other retirement plan.

Eight percent of workers 55 and older say they took on a second job in 2016.

Harris Poll conducted the survey for CareerBuilder between February 17 to March 10.

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