Get ready! Older workers delaying retirement — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Get ready! Older workers delaying retirement

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in HR Management,Human Resources

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)

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