Most Americans Planning to Work in Post-Retirement

The retirees of tomorrow may look a lot different from generations past. According to a recent survey, many might be foregoing long days on the golf course and leisurely weekday luncheons in order to stay part of the workplace instead. And the motivation is not necessarily money.

According to research from financial investment firm Empower, more than half (58%) of Americans (64% of baby boomers and Gen Xers) may be in the job market post-retirement, and are open to working indefinitely—but the reasons aren't purely financial. Would-be working retirees are motivated by values like personal fulfillment (41%) and having a sense of purpose (37%), just as much as potential financial needs (40%).

That said, the research shows that those looking ahead to retirement do have a fair share of financial concerns about their future, including inflation (52%), running out of money (51%) and unexpected expenses (49%). Overall, respondents point to having a 401k account as the top way to save for retirement (56%), followed by stocks (35%) and a traditional savings account (34%).

Other key findings from the report include:

Nearly two in five Americans say working post-retirement would help them maintain a daily routine (37%) and keep their minds (37%) and bodies active (36%). Gen Zers are the least likely generation to say they're open to working after they retire, at 49%.

Nearly one in four Americans (22%) want to relocate to another state in retirement, and 10% say they'd like to move abroad (Gen Z has the most wanderlust, at 13%). One-third (32%) of respondents and 50% of boomers plan to stay put post-retirement.

The top five most popular states for retirement include Florida, New York, California, Colorado and Texas. The top five most popular countries for retiring abroad include Italy, Thailand, Japan, Mexico and Barbados.

When it comes to passing the time, Americans say their most desired retirement activities are traveling (52%) followed by gardening (35%) and hiking (33%).

According to Empower, having clearly defined personal and financial goals is essential to being properly prepared for retirement. Take the time to map out your game plan for the future in order to craft a retirement that fulfills your priorities, values and goals—both financial and personal.

Copyright© 2024 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission.