Seniors delaying retirement from Rhode Island jobs?

Posted on March 2, 2015

It may be a fact that seniors are delaying retirement for several reasons from Rhode Island jobs, according to a survey from Careerbuilder.

According to the survey, the number of workers age 60 or older currently delaying retirement reached a post-recession low of 53 percent. This number is down from 58 percent last year and 66 percent in 2010.

75 percent of workers age 60 or older currently delaying retirement cite the recession as a cause. Twelve percent don’t think they will ever be able to retire – up slightly from 11 percent last year – and nearly half (49 percent) feel retirement is at least 5 years out.

A vast majority of senior workers not planning to work post-retirement intend to focus on relaxation (70 percent) and spending time with family and friends (57 percent). Other plans include:

• Traveling – 48 percent
• Taking up a hobby/spending more time on a hobby – 44 percent
• Volunteering – 36 percent
• Exercise – 36 percent
• Renovating home – 8 percent
• Mentoring – 5 percent
• Going back to school – 3 percent

At 78 percent, the inability to retire due to household financial situations is the clear number one reason senior workers delay retirement. The need for health insurance and benefits follows at 60 percent.

However, many senior workers simply don’t want to stop working. One third of workers (age 60+) delaying retirement aren’t calling it quits because they enjoy their job; 28 percent are delaying retirement because “they enjoy where they work” and 26 percent “fear retirement may be boring.”