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Work in Retirement: Myths and Motivations

Career Reinventions and the New Retirement Workscape, A Merrill Lynch Retirement Study conducted in partnership with Age Wave.

“Retirement used to mean the end of work. But now we’re at a tipping point: a majority of people will be continuing to work after they retire — often in new and different ways. Nearly half (47%) of today’s retirees say they either have worked or plan to work during their retirement. But an even greater percentage (72%) of pre-retirees age 50+ say they want to keep working after they retire, and in the near future it will become increasingly unusual for retirees not to work. This new phenomenon is driven by four forces:
Increasing life expectancy, which has produced a retirement that can last 20 years or more.
Elimination of pensions for most workers, shifting the burden for funding retirement from employers to retirees.
Recent economic uncertainty, which has been a wake-up call for many people that it is not financially sustainable to retire without some employment income.
Re-visioning of later life , as new generations seek greater purpose, stimulation, social engagement, and fulfillment in retirement.

While some are delaying retirement, a growing number of people are continuing to work after they retire. Because this is largely uncharted territory, pre-retirees who anticipate working in retirement are confronted with many questions and uncertainties: Will I be able to find work in my later years? If so, for how long? How can I balance work with other things I want to do? What kind of work might I be able to do? Will I enjoy it? Will it help me be more financially secure? What can I do now to best prepare for working during my retirement years?

These pre-retirees can learn essential lessons from people who are now working in retirement. This landmark study— based on a nationally representative survey of 1,856 working retirees and nearly 5,000 pre-retirees and non-working retirees—is the most comprehensive investigation of the succeses, pitfalls and innovative career paths in today’s retirement.”

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