Retirement & Financial Planning Report

Even among those who do retire, nearly half expect to do some work in retirement, even if only on a part-time basis.

Those who hope or expect to extend their working careers should focus on their health and maintaining their job skills, according to a report from the TransAmerica Center for Retirement Studies.

The report, based on survey and other data, found that among both men and women, only a quarter expect to retire before age 65 and about a sixth expect never to retire.

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Even among those who do retire, nearly half expect to do some work in retirement, even if only on a part-time basis.

The most commonly cited reason was the additional income, although desire to be active, keep alert and have a sense of purpose also were top reasons, as was enjoyment of the kind of work they do.

However, it found that both men and women should be doing more to help ensure they can continue work as they plan.

Just above half take proactive steps to stay healthy, and only a slight majorities said they consistently eat healthfully, exercise regularly, seek medical attention and get plenty of rest. And under half say they consistently avoid substances such as cigarettes and alcohol, get routine physicals and health screenings, and manage stress. (And by extension, around half are dutifully abiding by the adage to “live a little”.)

Similarly, the report said that only about four-tenths are focused on other strategies that can help extend a career, including concentrating on performing well in their current job and keeping their job skills up to date.

Even fewer, less than a fifth, focus on networking and meeting new people, scoping out the other opportunities that may be available to them, and taking classes to learn new skills.

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FERS Retirement Planning Guide 2020