Workers often indicate they are trying to keep healthy so they can continue working. Image: Marina Demidiuk/Shutterstock.com
By: FEDweek StaffWorkers who plan to put off their retirement until past age 65 or to never retire — at least not completely—are not taking full advantage of strategies that would help them meet that goal, says a study by the TransAmerica Institute.
In a survey, it found that was the intent of 52 percent of workers, for both financial and lifestyle reasons. Among the former group the most commonly cited were desire for continued working-level income, concern about the level of their retirement benefits and Social Security benefits, and uncertainty about investment returns on their savings. In the latter group, top factors included desire to remain active, keep mentally alert, having a sense of purpose and maintaining social connections.
“When asked about what steps they are taking, workers most often indicate they are staying healthy so they can continue working (58%), performing well at their current job (54%), and keeping their job skills up to date (49%),” it said.
Those also were the most important factors cited by employers polled on how employees can best extend their careers. However, employers put a higher emphasis on each, at 64, 62 and 60 percent, respectively.
Also, the poll found that among employees, 11 percent have not taken any steps toward keeping their job skills current, while only 15 percent attend work-related conferences or webinars, only 17 percent have worked toward obtaining a new certification or professional designation, only 19 percent scoping out possible future jobs, only 24 percent learning new skills, and only 26 percent reported networking and meeting new people.
Those numbers also fell below what employers believed employees can do to best extend their careers, with for example 43 percent citing taking classes to learn new skills, and 35 percent citing networking.
Among the report’s recommendations to employees are that they: prioritize physical and mental health; take proactive steps to stay employed and engage in the new landscape of work by learning new skills, honing current skills, and staying current with employers’ needs; and create a written financial plan for retirement.
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