More Americans Are Saying No to Full-Time Retirement
Increasingly, people say they plan to keep working their entire lives.
![older woman in a work meeting](https://cdn.mos.cms.futurecdn.net/hrDvPcvKha7LnvcpT6XGCN-415-80.jpg)
The idea of retirement as a long vacation after 40 years on the job may be on its way out. More and more Americans are enjoying second acts and envisioning retired life as just a later phase of their working lives.
According to new research from Empower, a financial services company, over half (58%) of Americans (64% of Baby Boomers and Gen Xers) may be in the job market post-retirement and are open to working indefinitely — and the reasons aren’t purely financial. Would-be working retirees are motivated by values such as personal fulfillment (41%) and having a sense of purpose (37%), as much as potential financial needs (40%).
To explore what defines the ideal retirement in America, Empower surveyed over 1,000 adults about their views on living locations, activities and concerns. Here are more findings:
![https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-200-80.png](https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-320-80.png)
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Top retirement locations in the U.S.:
- Florida
- New York
- California
- Colorado
- Texas
Top retirement locations abroad:
- Italy
- Thailand
- Japan
- Mexico
- Barbados
Top retirement activities:
- Traveling
- Gardening
- Hiking
- Art
- Volunteering
Top retirement concerns:
- Inflation
- Insufficient savings or running out of money
- Unexpected expenses
- Healthcare costs
- Affordability of housing
A separate survey by the Pew Research Center reports that roughly one in five Americans aged 65 and older were employed in 2023 — nearly double the share of those who were working 35 years ago. And not only are older workers increasing in number, but their earning power has grown in recent decades. In 2022, the typical worker age 65 or older earned $22 per hour, up from $13 in 1987.
The Pew study also found that older workers are working longer hours with higher levels of education and greater pay per hour. Older workers’ overall contribution to the labor force has grown considerably. In 2023, they accounted for 7% of all wages and salaries paid by U.S. employers. That is more than triple the share in 1987 (2%).
Note: This item first appeared in Kiplinger’s Retirement Report, our popular monthly periodical that covers key concerns of affluent older Americans who are retired or preparing for retirement. Subscribe for retirement advice that’s right on the money.
Related stories
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
David Crook is an innovative editor and developer of print and online publications on a wide variety of subjects, from real estate to show business, finance to politics. Prior to joining Kiplinger, David invented, launched and edited “The Wall Street Journal Sunday” — the largest- circulation business print publication in U.S. history. David is also the author of The Journal’s “Complete Real Estate Investing Guidebook” and “Complete Home Owner’s Guidebook.”
Prior to the 1999 launch of Sunday Journal, David was on the team that introduced the paper’s highly successful Weekend Journal effort, expanding the world’s premier business newspaper from five days a week to six. Before joining The Journal in New York in 1995, David was managing editor of a group of suburban Los Angeles newspapers, and, before that, a writer and deputy editor for the Los Angeles Times arts and entertainment department.
Before that, he was reporter and editor in Washington, D.C., for what is today known as Broadcasting and Cable magazine. In 2017, he co-founded DCReport.org, a news website focused on national political matters. David received a Bachelor of Arts with Honors from Tulane University, New Orleans.
-
Visa Is the Worst Dow Stock Wednesday. Here's Why
Visa stock is down sharply Wednesday after the credit card company came up short of revenue expectations for its fiscal Q3.
By Joey Solitro Published
-
Another Analyst Moves to the Sidelines on Tesla Stock After Earnings
Tesla stock is spiraling Wednesday after the EV maker's big earnings miss and Wall Street has been quick to weigh in. Here's what you need to know.
By Joey Solitro Published
-
Medicare Upgrades Could Disqualify Your Private Plan
If you're delayed taking Medicare because you have employer coverage, changes ahead may disqualify your plan.
By Elaine Silvestrini Published
-
Take a Mid-Year Review of Your Health Insurance Coverage
Whether it's monitoring your deductible or using a health savings account, here are the best ways to maximize use of your health insurance coverage
By Kimberly Lankford Published
-
Now's a Great Time to Build a Bond Ladder
Navigating how to proceed with new or rollover money can be daunting. Here are some of the best ways to guarantee a high yield to maturity and full recovery of principal.
By Jeffrey R. Kosnett Published
-
How to Organize Your Financial Paperwork for Your Heirs
A guide to organizing your financial paperwork so heirs have any easier time getting affairs in order.
By Ella Vincent Published
-
Who Do High Interest Rates Hurt? College Students
High interest rates mean college students will pay more to borrow. Savers will continue to benefit but need to remain vigilant.
By Sandra Block Published
-
8 Great Places for Snowbirds to Land
These affordable warm-weather cities for snowbirds offer plenty of housing options, abundant activities for retirees and access to good health care.
By Sandra Block Published
-
How Interest Rates Affect Annuities
Find out why higher interest rates benefit some annuities more than others.
By David Rodeck Published
-
How to Use Annuities for Retirement Paychecks
Predictable income can provide stability and peace of mind. Here’s how to decide whether an annuity is right for you — and sort through the options.
By David Rodeck Published