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More Workers Retire as Economy Improves

More Workers Retire as Economy Improves
Credit: Filimonova/Shutterstock

An improving economy is making retirement more of a realistic option for many workers, new research finds.

Just 53 percent of employees over the age of 60 are currently delaying retirement, which is a post-recession low, down from 58 percent a year ago and 66 percent in 2010, according to a study from CareerBuilder.

"As household financial situations continue to rebound from the recession, economic confidence among senior workers is significantly improving," Rosemary Haefner, chief human resources officer for CareerBuilder, said in a statement.

However, just because they plan on retiring from their current careers, that doesn't mean these older adults won't be working at all. The study discovered that more than half of senior employees said they expect to work after their retirement, in a new career, up from 45 percent last year. Of this group, 81 percent said they'll likely work part-time, while 19 percent said they plan to continue working full-time..

Customer service, retail and consulting are the three most common jobs senior workers plan to pursue post-retirement. The good news is that senior workers should have an easier time finding work. The research revealed that 57 percent of employers plan to hire workers over the age of 50 in 2015, up from 48 percent in 2013. [Are You Saving Enough for Retirement? The Answer Is Likely No ]

"Fortunately, for those workers needing a new job near the end of their careers, employers are hiring seniors at a faster rate than we've seen in recent memory," Haefner said.

Those who want to stop working completely after retiring say they will focus on relaxation and spending time with family and friends. Other post-retirement plans include:

  • Traveling
  • Pursuing a hobby
  • Volunteering
  • Exercise
  • Renovating the home
  • Mentoring
  • Going back to school

Despite the uptick in retirement plans for many, others are holding off on such a move, and for a variety of reasons. Nearly 80 percent of those expecting to delay retirement are doing so because of their financial situations, while 60 percent need health insurance and benefits.

Others, however, just don't want to stop working. One-third of workers delaying retirement aren't calling it quits because they enjoy their jobs; 28 percent are doing so because "they enjoy where they work," and 26 percent "fear retirement may be boring."  

The study was based on surveys of 438 workers ages 60 and over, and 2,192 hiring and human resources managers.

Chad Brooks

Chad Brooks is a Chicago-based freelance writer who has nearly 15 years experience in the media business. A graduate of Indiana University, he spent nearly a decade as a staff reporter for the Daily Herald in suburban Chicago, covering a wide array of topics including, local and state government, crime, the legal system and education. Following his years at the newspaper Chad worked in public relations, helping promote small businesses throughout the U.S. Follow him on Twitter.

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