Whether it's because they like to work or they need to work, many seniors are still working toward their comfortable retirement.
The increase may seem slight, but it is telling. Last year, when Senior Market Advisor sent out its annual Senior Survey, we asked those who had not yet retired why they were still working.
In 2011, 19 percent said they remained in the workforce to "stay above water." Meanwhile, 63 percent kept up the 9-to-5 routine because they enjoyed it.
This year, the percentage of those working because they said they had to was up slightly, perhaps an indication of the new realities seniors and pre- retirees face today. Of the nearly 300 respondents, 22 percent said they had to postpone retirement to stay afloat financially, while roughly 60 percent said they did so because they liked working. In fact, nearly 90 percent said they had yet to shrug off their working cloaks entirely, compared to 86 percent last year.
"Retirement is for those who have a least twice the money they require for their lifestyle," said Lynn Elliott Moller.
"I never intended to retire, just get to the point where I can work as much or as little as I like," stated Donna J. Canon. "I failed to prepare. Very little in IRA, 401(k) and savings. Luckily health is good, so I can continue to work."
Gary Ruchin had a more upbeat view of his continued employment: "I enjoy it."
Like last year, SMA's 2012 Senior Survey probed seniors about a range of topics from how they choose a financial advisor to their housing situation as well as their current financial and health circumstances.
About a third—35 percent—gave their age range as 59 or younger, followed by 60-65 (27 percent); 66-70 (22 percent); 71-75 (11 percent); 76-80 (4 percent) with a hearty 2 percent in the 81 and over category. In 2011, 42 percent were in the 59 and younger age group, followed by 30 percent between ages 60 and 65. (Those relatively younger seniors taking the survey may account for the large number still working.)
Nearly 40 percent put their total annual household income at $100,000 or more, with 20 percent estimating their total assets, including their home, at between $250,000 and $499,000. Yet despite having a rather healthy asset portfolio, about a third of the participants have not formulated an estate plan.
Here are highlights from this year's survey. We thank all those who participated.
"Trust and integrity, verified by a background check." ~Louis Franco
"Wouldn't work with anyone without all three. ~Anonymous
"Puts his income ahead of my best interests." ~Tom Martin
"Not understanding the goals of the client." ~Anonymous
