Is Retirement Dying? The Old Work Model Is Disappearing for Boomers, Gen Xers

A Harris Poll survey for TD Ameritrade found one in three Americans who are at least 40 years old have or plan to have a job in retirement to prepare for a longer life, reports USA Today . Moreover, over 50 percent of "unretirees" — those who plan to work in retirement or returned to work after retiring — said they would be employed in their later years, even if they had enough money to settle down. Financial needs are not the only factor, with the survey citing additional motivators like personal fulfillment such as staying mentally fit, preventing boredom, or avoiding depression. One reason for the change in retirement patterns is the increasing lifespans of Americans. The U.S. Census Bureau estimated that the share of the 65 and older population was 16 percent in 2018, up 3.2 percent from 2017 and 30.2 percent from 2010. Older Americans also are the fastest-growing segment of the U.S. workforce, and baby boomers are expected to live longer than previous generations. United Income reported about 20 percent of people 65 and older were in the workforce in February, from an all-time high of 10 percent in January 1985. Americans also are increasing their savings to preserve their nest eggs amid rising longevity, often by cutting overall expenses, getting life insurance, or maximizing their contributions to retirement accounts.