Senior living operators hoping to attract younger residents may need to incorporate spaces that accommodate working adults in their communities and units.
The oldest baby boomers are turning 73 this year. That’s only a year later than the average planned retirement age for older adults participating in a recent survey, although it’s seven years later than the current age at which people can begin collecting Social Security.
St. Louis-based Provision Living surveyed 1,032 working adults aged 65 to 85 in August, asking them why they had delayed retirement. The average age of respondents was 67; 60% of respondents were male, and 40% were female.
Fifty-five percent of respondents said they work part-time, and the average age at which they switched from full-time to part-time status was 61. Forty-five percent of participants said they work full-time.
One-third of respondents said they enjoy working and do not wish that they were retired, whereas 20% said they’d like to continue working, but with fewer hours.
Why do they still work after retirement age? More than 60% of respondents said the decision was based on finances — they couldn’t afford to retire, were supporting family, paying off debt. The remaining participants said they enjoyed working, work to avoid being bored, or would feel too lonely if they stopped working.
The average retirement savings among respondents who are still working is $133,108, although college-educated seniors have saved more than non-college-educated seniors ($169,180 and $80,221, respectively).
When they do retire, most respondents (70%) said that Social Security will be their primary source of income. Pensions (37%), 401(k)s (37%), personal savings (27%) and stocks (20%) also were cited as planned income sources. And 11% of participants said they are counting on their children or other family members to support them financially after they retire.
The full survey results are posted on Provision Living’s website.