Few milestones in life are as laden with dreams and fantasies as the day when a person retires. Will it be a slow downshift into a life of travel and time with grandchildren? A chance for gradually increasing immersion in a lifelong hobby? Perhaps it will be all of the above.
Or perhaps future retirees' experience will be more in line with the reality of retirement as depicted in a new report by the Transamerica Center for Retirement Studies. The study found that two-thirds of workers aged 50 or older expect to work past 65, at least part time, but the median age at which current retirees left the workforce was 62.
Not only that, two-thirds of those who did leave the workforce did so because of work-related reasons like job loss, a reorganization, or a buyout. And only 5 percent of retirees actually are working in retirement.
"So many workers want to work longer, or transition into retirement, yet very few say their current employers have practices in place to facilitate this," said Catherine Collinson, president of the Transamerica Center. Many, she said, "are ill prepared for life's unforeseen circumstances."