Putting off retirement for valid reasons
Some employees long for the day when the shackles of work have finally been removed from them. For most people that event comes by the time they reach age 65, the traditional retirement age for Americans.
But dreams about retiring are just that for many who are approaching retirement as a recent survey by the employment site, CareerBuilder, revealed that more than 70 percent of people are postponing it. Moreover, as a clear sign pointing to the times in which we live, their reasons usually are just about the same: financial.
Harris Interactive conducted the survey on behalf of CareerBuilder in November 2009 interviewing hiring managers and people nearing retirement to arrive at their findings.
72 percent of employees say that they are putting off retirement because they can’t afford to quit work yet. With the financial market meltdown of September 2008 having a major impact, many would be retirees know that their depleted retirement accounts and other savings just aren’t enough to sustain them over the final chapters of their lives.
Finances are an important factor in the retirement plans on those surveyed, but CareerBuilder identified some other reasons why workers plan on staying on the job including:
- They either enjoy their job or enjoy where they work and don’t want to leave it (71 percent)
- Plan to stay because they need the health insurance and additional benefits provided (50 percent)
- Fear that their retirement may just be boring (24 percent)
- Enjoy feeling needed (15 percent)
“The economy continues to cast doubt in the minds of mature workers regarding executing on their future retirement plans. As a result, they are requesting to stay with employers a bit longer,” said Jason Ferrara, senior career adviser at CareerBuilder. “Twenty-seven percent of hiring managers say they were approached about postponing retirements last year and were open to retaining mature workers. The key is to let your employer know sooner than later that you would like to put off your plans to leave.”
In addition to the survey findings, CareerBuilder’s site for mature workers—PrimeCB.com—offers tips for mature workers including encouraging employees to talk with their Human Resources department to map out a strategy for their remaining time on the job.
What is more, you may want to remain flexible by considering taking another job in the company if you already announced your retirement and have reversed course. Work on becoming a top networker if you are considering transitioning to a new job outside of the company and, lastly, mentor internally and externally to demonstrate your human capital and experience.
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