An online survey of 1,680 adults 40+ years of age who currently work full- or part-time for pay, was conducted by JWT Mature Market Group (MMG), in partnership with ThirdAge Inc. "Our original research in 2002 showed that the aging workforce would not be retiring en masse, as predicted creating a catastrophic labor shortage," said Lori Bitter, partner, JWT Mature Market Group. And, according to this year's survey, the definition of fully retired has evolved to mean working in some capacity. Of the 42 percent who said they plan to fully retire, 70 percent planned to work full-time or part-time. The overwhelming reason to work was not based on need to pay bills, but rather for personal fulfillment. The top reasons stated for working were to stay mentally active, be productive or useful, stay physically active, be around people and keep learning new things.
Some differences were noticeable by age and income, with single women and low-income groups choosing to work to pay for living expenses and health insurance/benefits.
Those retirees choosing to continue to work tended to find their contributions valued by their organizations and their work proved meaningful for their fulfillment. Fifty-eight percent of older workers, 65 and older, say their contributions are valued by their employers.
When asked about their job situation, 44 percent of respondents said their job was personally rewarding, 30 percent said their job paid the bills, and 26 percent said they have had their jobs for a long period of time and it's what they do.
The job situation selections correlated to income and age with higher income earners more likely saying it is personally rewarding. Lower income earners were more likely to say it pays the bills. And 63 percent of those 65+ find their jobs personally rewarding versus only 35 percent of 40-54 year olds.
Conclusions
Most 40+ still plan to work in some capacity after retirement. This is especially true for skilled workers with higher education. Older workers are more likely to be self-employed. They continue to work for personal fulfillment.
