Fewer Workers Age 60 and Up Postponing Retirement, Finds New CareerBuilder Survey

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Jan 26, 2011, 07:00 ET

CHICAGO, Jan. 26, 2011 /PRNewswire/ -- As the economy gradually recovers, some mature workers are feeling more comfortable about retiring now compared to last year at this time. According to a new survey from CareerBuilder, 65 percent of workers age 60 plus said they are putting off retirement because they can't afford to retire financially; down from 72 percent who said the same last year. The nationwide survey was conducted among more than 500 U.S. workers age 60 and up between November 15 and December 2, 2010.

More than one-in-four (28 percent) mature workers age 60 plus plan to retire within the next two years, while 27 percent are planning to retire in three to four years, and 18 percent in the next five to six years. Sixteen percent estimate it will be seven years or more before they can stop working, while one-in-ten workers (10 percent) don't think they'll ever be able to retire.

The primary drivers for postponing retirement are financial restraints, as indicated by 65 percent of respondents, and the need for health insurance and other benefits, as indicated by 58 percent of respondents. However, mature workers are staying on board at their companies for a variety of other reasons, including:

Enjoy their job (39 percent)
Enjoy where they work (36 percent)
Fear retirement may just be boring (26 percent)
Enjoy feeling needed (14 percent)

"It's encouraging to see that more workers have the option to retire if they want to, but there are still some who want to keep working at their companies for a variety of reasons," said Rosemary Haefner, vice president of human resources at CareerBuilder. "Twenty-two percent of workers age 60 and up that we surveyed said they have asked their employer to stay longer with the company, while 29 percent of companies said they are open to keeping workers on board a little longer."

PrimeCB.com, CareerBuilder's job site for mature workers, offers tips for workers who are facing retirement decisions:

Get the facts – Make sure to have open communication with your HR department as you start planning for your retirement. They'll be able to help guide you in what makes sense for your budgetary and benefits needs.

Consider part-time work – If you're worried about keeping busy or making enough money after you retire, consider freelance or part-time work. Nearly half (47 percent) of workers age 60 and up surveyed said they planned to find a part-time job after retiring to stay active and help support their bank accounts.

Leverage your knowledge – If you'd like to postpone your retirement, see how you can use your vast experience and intellectual capital to contribute to the organization. Propose a mentorship program or lead training sessions on various topics so you can make yourself an even more valuable resource.

Survey Methodology

This survey was conducted online within the U.S. by Harris Interactive© on behalf of CareerBuilder.com among 536 U.S. employees (employed full-time; not self-employed; non-government) ages 60 and over between November 15 and December 2, 2010 (percentages for some questions are based on a subset based on their responses to certain questions). With a pure probability sample of 536 one could say with a 95 percent probability that the overall results have a sampling error of +/- 4.23 percentage points. Sampling error for data from sub-samples is higher and varies.

About CareerBuilder®

CareerBuilder is the global leader in human capital solutions, helping companies target and attract their most important asset – their people. Its online career site, CareerBuilder.com®, is the largest in the United States with more than 23 million unique visitors, 1 million jobs and 32 million resumes. CareerBuilder works with the world's top employers, providing resources for everything from employment branding and data analysis. More than 9,000 websites, including 140 newspapers and broadband portals such as MSN and AOL, feature CareerBuilder's proprietary job search technology on their career sites. Owned by Gannett Co., Inc. (NYSE: GCI), Tribune Company, The McClatchy Company (NYSE: MNI) and Microsoft Corp. (Nasdaq: MSFT), CareerBuilder and its subsidiaries operate in the United States, Europe, Canada and Asia. For more information, visit www.careerbuilder.com.