You Retired!

POST RETIREMENT EMPLOYMENT

A brand new study shows that over half of Americans are considering working a job post retirement. In this newsletter we are breaking down the study and how to prepare your organization for future retirees.

MORE THAN HALF OF AMERICANS SAY THEY'D CONSIDER POST RETIREMENT EMPLOYMENT

"More than half of Americans — about 58% — say they’d consider working after retirement and are open to working indefinitely, including 64% of Baby Boomers and Gen X workers, according to a Sept. 20 report from Empower, a financial planning and investing firm.

However, the motivations aren’t purely financial, with values such as personal fulfillment and a sense of purpose being weighted about the same as potential financial needs.

“Having clearly defined personal goals — including when you want to retire — can help determine how much you should have saved, and the steps you can take to help optimize your investments,” Nik Franklin, a senior financial advisor at Empower, said in a statement. “Defining the ideal retirement is individual and comes down to priorities, values and goals — both financial and personal,” Franklin said."

Learn More

MANY POST-RETIREMENT PLANS NOW INCLUDE WORK

In the face of prolonged economic uncertainty and volatility, many investors are rethinking what life after retirement may look like and are adjusting their priorities accordingly.

According to Nationwide Retirement Institute’s eighth annual Advisor Authority, nearly 7 in 10 (69%) non-retired investors may work or may continue working after they retire. More than two-fifths of these investors (44%) say they will have to work to supplement their retirement savings or income out of necessity.

Similarly, 4 in 10 (40%) non-retired investors plan to move to a different city or region after retiring—though not necessarily for the reasons some may think. Less than a quarter (22%) of these individuals cite being near family among their top three reasons for relocating. Instead, the most common incentives for relocating include lower cost of living (43%) and lower taxes (34%), which may indicate that these investors’ decisions are being influenced by macroeconomic factors. Meanwhile, advisors and financial professionals are noticing the same trend, with 78% of advisors saying their clients will or may continue working after retirement—in line with the 69% of non-retired investors who say post-retirement employment could lie ahead."

Learn More