While surfing my favorite blogs in the internet I came across a reference to the Vanguard Center for Retirement Research (https://institutional.vanguard.com) talks about six paths to retirement. For the past couple of years I have been very interested in our second fifty years.
The conventional view of retirement – working full-time until a set date and then shifting to full-time leisure – does not match the experience of many older Americans, according to the Vanguard national survey. According to the study “The paths to retirement are varied, and different types of work are common in the early retirement years.”
What I found interesting is that only 29% of Americans age 55 to 69 fall into the Early Retiree’s category. These are the people who exit the workforce in their 50’s or 60’s and stop all work thereafter.
Others plan to continue working in various forms through their 60’s and beyond (10% of Americans age 55 to 69) Their decision to never retire is based on a desire to be active, the type of work, or working to meet basic living expenses.
The other groups include Work and Play (12%), Still Working (35%), Returnee’s (5%) and Spouses Retirement (9%). There are various reasons people in these groups are still working. Some are semi-retired and working part-time or are self-employed.
The Vanguard survey of 2,474 individuals age 40 to 69 indicates that “The conventional view of retirement — working full-time until a set date then shifting to full-time leisure –- does not match the experience of many older Americans.”
I guess the boomers are not going to become conventional in retirement. Are we rejecting the system created by our grandparents and parents? Interesting thoughts. I would love your comments.
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