Financial
New Survey Indicates Majority Plan to Postpone Retirement

Aug 15, 2007

For many workers, retirement won't mean an end to their careers. Only one in three workers (34 percent) plan to quit work entirely once they're ready to retire from full-time employment, according to a just-released survey. 

The survey was developed by the Menlo Park, Calif.-based accounting and finance firm Robert Half Management Resources. It was conducted by an independent research firm and includes responses from 492 full- or part-time adult workers employed in office environments.

Workers were asked: "When you are ready to retire, do you see yourself quitting work entirely or taking one of the following options?" Their responses:

Quit work entirely (34 percent) 
Change fields/work at something new (24 percent) 
Work as a consultant (14 percent)
Work fewer hours for the same company (14 percent) 
Take a part-time job (2 percent) 
Continue to work/not plan to retire (2 percent) 
Volunteer (1 percent)
Other (3 percent) 
Don't know (6 percent)

"Longer life spans, increased financial responsibilities, and a desire to remain mentally and physically active are prompting today's workers to view retirement differently than their predecessors," Paul McDonald, executive director of Robert Half Management Resources, said in a release. "The desire by many professionals to remain in the workforce past the traditional retirement age could be a boon to employers concerned about talent shortages, which are predicted to intensify.

"Companies can retain tenured staff by offering benefits they value, such as greater flexibility or part-time employment,” McDonald added. “Firms also can tap the expertise of the growing number of professionals who have retired from full-time careers and are now consulting."