Over Half of Employees Plan to Work During Retirement: Transamerica Study

A survey by the Transamerica Center for Retirement Studies found that 57 percent of employees plan to work full-time or part-time in retirement, reports BenefitsPro . The survey covers three age groups — baby boomers, Generation X, and millennials. Generation X had the highest percentage of those who plan to work either full-time or part-time in retirement at 58 percent, with millennials and boomers coming in second and third with 57 percent and 54 percent, respectively. Among those who only plan to work full-time in retirement, boomers had the highest percentage — 42 percent — when compared to the other generations. Transamerica also reported that 52 percent of workers across all age groups plan to work after the age of 65 or do not plan to retire at all. Among the three generations, 68 percent of boomers expect to work past age 65 or are already doing so, followed by 53 percent of Gen-Xers and 43 percent of millennials. Possible reasons for continuing work beyond retirement age include insufficient savings, and Transamerica Institute CEO Catherine Collinson said the economic fallout of the coronavirus pandemic is further jeopardizing retirement savings and security.