Huge number of Americans plan to work past retirement age
By Maria Mercedes Galuppo, Buzz60
What are Americans doing for their retirement? Working.
A new Ipsos/USA Today poll found that one-third of Americans between the ages of 45 and 65 intend to work a part-time job, and even 4% think they will work full-time, during their golden years.
The survey of more than 1,100 adults revealed that 22% said they'll continue working between ages 66 and 70.
7% said they will wait until their early 70's to retire and 3% will stay working until age 75. An astounding 8% don't ever plan to retire!
This could be the result of the great recession in 2008, which made it tough for people to save enough for their retirement.
But keeping busy and staying socially engaged were other reasons to stay working.
In 1985, only 10.8% of Americans were working past retirement age. That number scaled up to nearly to 20% in 2016, according to the Labor Department and AARP.
61% are optimistic they'll have enough money for a comfortable retirement, but how much is enough?
The Employee Benefit Research Institute's survey said Americans believe they need at least $1 million to retire.