Wednesday, September 05, 2007

Survey: AARP Finds Many Michigan Members Working Past Traditional Retirement Age

A mail survey of 3,000 Michigan AARP members age 50 to 62 finds that retiring comfortably at age 62 is not a reality for many of them who expect to work well past the traditional retirement age due to increased longevity and rising health care costs. In the research report written by Erica L. Dinger, J.D., AARP Knowledge Management--"What Retirement? Working and Learning for AARP Members in Michigan", of the 832 members currently working or looking for work:
  • 36% work full-time and 9% part-time;
  • 49% consider it extremely (27%) or very (22%) likely that they will continue working beyond retirement;
  • 54% say health insurance coverage is a major factor in their decision to continue working, while 45% enjoy working, 44% need extra income, and 41% need income to pay for prescription drugs;
  • 37% intend to work at their current jobs as long as possible;
  • 23% think they will retire at age 60-64 and 37% at 65-69; 20% estimate retiring at age 70 or older.
Source: AARP Policy & Research (September 2007)

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