A survey of AARP residents in Michigan finds that retiring comfortably at age 62 is not a reality for many who expect to work well past the traditional retirement age due to increased longevity and rising health care costs. In particular, 36% work full-time and 9% part-time, and 49% consider it extremely (27%) or very (22%) likely that they will continue working beyond retirement. The most common reasons for continuing to work cited were;
- health insurance coverage (54%);
- enjoy working (45%);
- need for extra income (44%); and
- paying for prescription drugs (41%).
The survey also reports that 50% plan to work part-time and pursue hobbies when they reach the retirement age, while 37% intend to work at their current jobs as long as possible. With respect to when they will retire, 23% think they will retire at age 60-64, 37% at 65-69, and 20% at age 70 or older.
Sources: AARP
Research Report (July 2008); Battle Creek (MI) Enquirer
"Work at 50-Plus: New age of possibility and purpose" (July 1, 2008)
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