Traditional views of retirement are fading, and younger retirees are likely to continue working in an “encore” or “second act” career, according to a recent survey.
Savant Wealth Management and Absolute Engagement collaborated on an online survey of 750 high-net-wealth investors in April and May to gain insights about changing retirement-living expectations.
“Our research shows people are questioning the path their parents took, asking different
questions about the future and, as a result, re-defining the idea of retirement altogether,” the authors wrote.
Returning to work after retiring isn’t necessarily about the money, according to the survey. More than half more than half (55%) of the respondents indicated that they are concerned about feeling fulfilled or expect it to become a concern in the future. Nearly 20% of the
participants said they had retired in the past and decided to start working again; about a third (36%) of respondents stated that although they felt they had been financially ready for retirement, they were not personally ready. Twenty-six percent of the respondents said they simply did not feel a sense of purpose once retired.
Men were more likely than women to cite personal fears or not not knowing what to do with their time as reasons to keep working; for women, it was more about financial worries. Women also expressed concerns about losing health insurance.
“Savvy organizations can draw on these ‘key takeaways’ in the development of lifestyle programming, marketing materials, and financial planning resources for the future consumer; helping individuals of high-net-worth find a clear path forward into an earlier, purposeful, and productive ‘retirement’— still clearly the term of choice for this group—may be just the way to entice them to choose the life plan community lifestyle,” according to LeadingAge.
