As much as 18% of the U.S. workforce could retire within the next five years, says a new study from ADP, the payroll and HR outsourcing firm. That’s assuming the average retirement age is 61.
That might be a big assumption.
More workers are pushing retirement age past the traditional timeline. Northwestern Mutual’s Planning & Progress 2013 study, for example, reveals that 10% of employees hope to hold off retirement until they are in their 80s. Another 32% say they will retire in their 70s. Only 52% want to clock out in their 60s, and just 6% expect to retire before they turn 60.
No rush for the door
On average, pre-retirees told Northwestern pollsters they will retire at age 68. Reason: “We’re seeing more than three-quarters of mature workers putting off retirement, largely due to financial concerns, but also as a personal decision made by people who enjoy their work,” said Brent Rasmussen, president of CareerBuilder, whic...(register to read more)