65 Percent of Workers Plan to Work in Retirement; Surprisingly Few Actually Do

An Allianz Life study indicates an estimated 65 percent of workers expect to work either part time or full time in retirement, although a much smaller number of retirees are in fact still employed, reports the Star-Herald . A mere 7 percent of current retirees said they have continued working at least part time. Allianz Life's data found that many older Americans lose interest in working longer as they get older — yet more often than not those who planned to do so are not able to because they have family members to support, health issues of their own, or cannot find an employer. Retiring earlier than intended also entails shrinking investment accounts, with retirees potentially forced to tap Social Security early. Given these trends, it is recommended for workers to assume they will claim Social Security at the earliest allowable age — 62 — and start tapping their investments when setting savings goals. The implication is that they will need to save significantly more for their later years.