Nearly half of Baby Boomers still working today say they don’t expect to retire until they are 66 or older, according to a recent Gallup poll. One in 10 predicts they will never retire.
Boomers are those born between 1946 and 1964. The first wave of the generation became eligible for early retirement under Social Security about six years ago, yet Boomers still comprise roughly one third of the workforce.
Financial concerns in the wake of the recent recession and a “notoriously hard-charging work ethic,” are likely causing Boomers to stay in the workforce longer, according to the survey.
Those Boomers who strongly agree that they currently “have enough money to do everything [they] want to do” expect to retire at age 66. However, Boomers who strongly disagree with this statement predict they will retire significantly later, at age 73.
Boomers’ strong work ethic and engagement with their jobs is also cited as a contributing factor for delaying retirement: Those who expect to retire after age 65 report being slightly more engaged (34%) in their jobs than Boomers overall.
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