According to a new poll conducted by the Associated Press-NORC Center for Public Affairs Research has revealed that about one in four Americans don’t plan to retire.
The poll effectively hints at the increasing disconnect between Americans’ retirement plans and the realities of aging in the workforce.
It’s no secret that retirement is less important to Americans than it used to be. In fact, recent news, such as a drive by McDonald’s to hire retirement-aged employees, has revealed that the elderly have something unique to offer the US labor force. Many experts point out that injuries, illnesses, and other factors often force people to stop working sooner than they’d like to. Despite this, 23% of workers overall, and almost 20% of workers aged 50 and over don’t expect to stop working. Government data has also revealed that approximately one-fifth of those aged 65 and over were either working or looking for work in June.
There are several reasons for this trend, but financial readiness plays a large part in it. About one-third of American adults aged 50 and older reported feeling financially unprepared for retirement, while 29% feel “extremely” or “very” prepared, and another 40% report feeling “somewhat” prepared. At the same time, Americans hold mixed views on the idea of not retiring after their 65th birthday. 39% of respondents believe that staying in the workforce beyond retirement age is mostly a good thing for American workers, while 29% say it’s a good thing and 30% say it makes no difference.