It's the latest thing in retirement: not retiring. More workers are planning to continue in the workforce past age 65, and some plan to never retire.
Nearly 60 percent of 50-plus workers plan to continue working past age 65, and 82 percent of workers age 60 and over have the same goal, according to a white paper published in June by the Transamerica Center for Retirement Studies.
Workers' plans could represent a healthy trend in light of research suggesting that mental stimulation helps delay cognitive decline. But old workers will only be able to follow through on those plans if employers are in fact ramping up en masse to accommodate them in later life.
That is not the case, at least not yet. Just 4 percent of the employers responding to a 2014 survey by the Society for Human Resource Management reported that they have a formal strategy for recruiting or retaining older workers. And research by JP Morgan found that while 67 percent of all current workers expect to retire after age 65, in reality, just 23 percent do.
Labor force participation by older workers is increasing, but "workers' expectations may exceed today's labor force realities," said Catherine Collinson, president of the Transamerica center.
The problem is particularly acute for women, since they tend to accumulate less in retirement savings and they have longer life expectancies. A new report from Sen. Patty Murray, D-Wash., found that the average income of women over age 65 is just 55 percent of men in the same age bracket.
"Women face systemic barriers that hinder their ability to access a secure retirement, barriers that begin long before they reach the retirement age," wrote Sen. Murray to her colleagues on the Senate Committee on Health, Education, Labor and Pensions.