More Workers Planning to Postpone that Retirement Party

Thirty percent of U.S. workers ages 60 and older plan to retire at age 70 or older, according to a CareerBuilder survey. Another 20 percent don't believe they will ever be able to retire. While delaying retirement can be fueled by a number of reasons, financial motivations typically top the list as mature workers work to ensure they have a large enough nest egg. But, just how much they'll need in the bank to enjoy their golden years remains a mystery or moving target for some.  One third of workers ages 60+ (34 percent) say they aren't sure how much they'll need to save in order to retire.
 
"Faced with the expectations of living healthier for longer, older adults may opt to remain in the workforce for longer and defer savings, pensions, and Social Security for older age," said Rosemary Haefner, chief human resources officer for CareerBuilder. "This increased workforce participation for older adults has implications for retirement policy, health care financing, Social Security and the behavior of employers and employees alike."
 
Asked how much money they think they'll need to save in order to retire, 42 percent of U.S. workers ages 60+ believe they will need at least $500,000. A quarter (24 percent) believe they'll need less than $500,000.
 
  • Less than $500,000: 24 percent.
  • $500,000 to less than $1 million: 25 percent.
  • $1 million to less than $2 million: 13 percent.
  • $2 million to less than $3 million: 3 percent.
  • $3 million or more: 1 percent.
 
When asked if they're currently contributing to retirement accounts, more than 1 in 4 (26 percent) workers 55+ said they do not participate in a 401(k), IRA or other retirement plan. Three out of four workers ages 55+ (74 percent) don't earn their desired salary, and they're taking steps to change that. Eight percent took on a second job in 2016, and 12 percent plan to change jobs this year.