“Today’s workers are now seeking to extend their working lives beyond traditional retirement age. Retirement has an entirely different meaning than it did to older generations,” says Catherine Collinson, the President and CEO of Transamerica Institute, a nonprofit research foundation.
explains Collinson who adds that the desire to work longer is often because of necessity.
“Retirement and work are not mutually exclusive. Across generations, we see that more than half of workers plan to continue working at least part- time after they retire and, in large part, for income and benefits and healthy aging relief.”
“Many older workers are frankly behind on their retirement savings. And if we think about it, not only do they need to shore up their savings, but many are looking to work longer and retire at an older age because people have the potential to live longer than ever before. It’s extremely difficult to fund a retirement over a 40 year career when a retirement may last 30 years,” she stresses.
She adds, though, that the desire to work longer isn’t only about money for workers. “Many also enjoy what they do and they want to stay active and involved. And a big response rate we see in our surveys is keeping their brain alert and having a purpose and social connections. So working longer into later life is not all bad. It can bring income and benefits, as well as some healthy aging benefits.”
Catherine Collinson spoke with me on the subject of age, particularly when it comes to older and midcareer adults in the workforce, as part of the Age in America series, a collaboration between WorkingNation and Scripps News Network which began in June.
Watch a clip from our interview below.
Get more of our WorkingNation Age in America articles, videos, and podcasts here.
Get more of Scripps News’ Age in America coverage here.