The Retirement Income Gap Solution, a study conducted by Spectrem Group, finds that a large percentage of working households plan to work in some capacity upon retirement. Approximately 1,600 individuals were surveyed, 720 who are still working full-time but plan on retiring within the next three years and 846 who have been retired for at least five years.
A quarter of respondents said they will continue to work in their primary occupation, but on a reduced or limited schedule. More than forty percent (43 percent) said they expect to work part time to stay busy and earn a little “walking around money”. Only 3 percent said they will seek full-time employment. The remainder are taking an old school view of retirement and not planning to work at all.
Not surprisingly, household income is a factor on attitudes toward working in retirement. Respondents with a household income of less than $50,000 were the least likely to say that they would not work in retirement (18 percent vs. 29 percent) of their wealthier counterparts with a household income of more than $100,000. Conversely, they were most likely to say that they would work part-time to stay busy and earn some discretionary income.
For more information on The Retirement Income Gap, click here