58% of Americans Say They’d Consider Post-Retirement Employment To Seek Personal Fulfilment

Career Climbers / 27th September 2023

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 – but the reasons aren’t purely financial, according to new research from Empower, a leader in financial planning, investing, and advice. Would-be working retirees are motivated by values like personal fulfilment (41%) and having a sense of purpose (37%) just as much as potential financial needs (40%).

People remain concerned by economic factors that could impact their financial futures, like inflation (52%), running out of money (51%), and unexpected expenses (49%). Overall, respondents point to having a 401(k) account as the top way to save for retirement (56%), followed by stocks (35%) and a traditional savings account (34%). According to Empower data, for people ages 60 to 65, the average 401(k) account balance is $198,194.* Workplace savings, such as a 401(k), are one important component of long-term financial health — alongside retirement income, including Social Security, and a person’s overall net worth.

“Having clearly defined personal goals — including when you want to retire — can help determine how much you should have saved and the steps you can take to help optimize your investments,” says Nik Franklin, CFP®, a senior financial advisor at Empower. “Defining the ideal retirement is individual and comes down to priorities, values, and goals — both financial and personal. Getting a handle on your overall net worth is a concrete action to help see where you stand, and where to go.”

More key findings:

  • Keeping the office door open: Nearly 2 in 5 Americans say working post-retirement would help them maintain a daily routine (37%) and keep their minds (37%) and bodies active (36%). Gen Zers are the least likely generation to say they’re open to working after they retire, at 49%.
  • Plans for relocation: Nearly 1 in 4 Americans (22%) want to relocate to another state in retirement, and 10% say they’d like to move abroad (Gen Z has the most wanderlust, at 13%). One-third (32%) of respondents and 50% of Boomers plan to stay put post-retirement.
  • Most popular places: The top five most popular states for retirement include FloridaNew YorkCaliforniaColorado and Texas. The top five most popular countries for retiring abroad include ItalyThailandJapanMexico and Barbados.
  • Staying busy: When it comes to passing the time, Americans say their most desired retirement activities are travelling (52%), followed by gardening (35%) and hiking (33%).

The full report can be found on The Currency™

ABOUT THE STUDY
Survey of 1,009 Americans conducted in July 2023 by Fractl on behalf of Empower.

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