Inflation Is Keeping Older Workers on the Clock
Retirement levels are near historic lows, with an estimate of retirements sitting at 274,000—well below pre-pandemic norms.
66% of workers 60+ who haven't retired say income needs are keeping them on the job.
46% of the 60+ population says inflation has had some impact on their retirement plans.
The median 60+ worker has saved $100,000 against a goal of $250,000.
Inflation is the #1 fear among 60+ workers, cited by 63%—ahead of healthcare costs and outliving their savings.
The Retirement Cliff Is Coming, But Older Workers Are Ready to Help Businesses Land Safely
14% of the workforce is 60 or older, nearly double the share from two decades ago
Older workers have a median of 30 years of experience in their field.
61% of workers 60+ would stay one year or more in a reduced-hours wind-down role before fully retiring.
27% say they would stay five years or more if employers offered a phased, reduced workload arrangement.
Retirement Realities
Many workers 60+ expect never to fully retire—and most say money is the reason.
Over 4 in 10 workers 60+ say they'll never fully stop working—and 60% say it's because they can't afford to.
The typical 60+ American has saved $100K toward a $250K goal, leaving them $150K short at the start of retirement.
Social Security is doing most of the heavy lifting in retirement
Nearly half (47%) of adults 60+ rely on Social Security as their primary income source. Among the fully retired, that rises to 71%.
Inflation, healthcare, and caregiving are reshaping retirement
Inflation is the #1 retirement worry (62%), ahead of healthcare (59%) and outliving savings (42%).
30% of still-working adults 60+ stay employed to keep healthcare coverage. Another 42% stay employed to cover caregiving costs.
Phased retirement could help employers keep older workers longer
61% of workers 60+ would stay in the workforce longer if offered a phased retirement arrangement.