Nearly One in Three Seniors Plan to Work Past 70 or Never Retire, According to AAG Survey
Monday, May 10th, 2021
Seniors are working later in life to make ends meet, and the events of 2020 have accelerated the trend. The changing landscape of retirement has caused a large percentage of older Americans to push back their retirement dates or pick up working again to make up for lost ground. To understand the impact that 2020 had on seniors' work life and finances American Advisors Group (AAG), the nation's leader in home equity solutions, conducted the Post-2020 Retirement Survey with over 1,500 participants ages 60-75.
"After the uncertainty created by the events of 2020, many seniors want to ensure that they will have the financial means and flexibility to enjoy the retirement they had hoped and planned for," said AAG Chief Marketing Officer Martin Lenoir. "While we know that Americans are living longer, this survey illustrates that seniors are working longer into their retirement years too. We're also starting to see a positive shift with our customers who have done their research; they are looking at home equity to fill that cashflow gap so that, instead of working longer, they can enjoy the lifestyles they've spent years building."
Seniors Are Planning to Work:
- A large percentage of older Americans are no longer looking toward a work-free retirement. Nearly half of seniors (46%) said they plan on working part time or picking up a side job during their retirement.
- An alarming number of seniors are pushing their retirement dates far past traditional age and some plan to work for the rest of their life. Nearly one in five seniors (18%) said they plan to work past the age of 70, and an additional 12% said they do not plan to ever stop working full time.
- Seniors may be working more to fund their retirement, but housing expenses are not the main cause. Nearly half of seniors (47%) said that their home was paid off and they live mortgage free.
- Seniors ranked "creating an emergency fund" and "filing for income tax refund" as their top two solutions to improve finances. However, neither one of these options could be used to create long-term retirement sustainability. Meanwhile seniors own over $8 trillion in housing wealth, which could be used to supplement income for millions of seniors in America.
To read the full results of the AAG Post-2020 Retirement Survey, visit the link below:
https://www.aag.com/post2020survey/
AAG's Post-2020 Retirement Survey was conducted on Jan. 27, 2021, and included 1,521 participants. Responses include numerous formats, including yes-and-no answers, ranking preferences, and multiple-choice replies. The survey was conducted on a digital platform so that participants from all regions of the United States could answer from the safety of their homes. All participants were selected randomly with age and homeownership being the only qualifying factors.
