According to a recent survey, 53% of workers aged 60-plus say they are postponing retirement, with 57% of men putting their plans on hold compared to 48% of women.
Four in 10 workers (40%) don't think they'll be able to retire until 70 or older.
This CareerBuilder survey was conducted online by The Harris Poll from Nov. 28 and Dec. 20, 2017, and included a representative sample of 809 full-time workers across industries and company sizes in the U.S. private sector.
"Postponing retirement will make an impact across all of our country's workforce, along with retirement policy and financial and health care planning," says Rosemary Haefner, chief human resources officer at CareerBuilder.
Postponing Because of Uncertainty
Are workers putting retirement plans on hold because they are unsure of how much to save? Approximately a quarter (24%) do not know how much they will need to save for retirement.
Women are much more likely to be unsure of how much to save than men—31% and 17%, respectively.
When asked how much money they think they'll need to save to retire, workers said:
- Less than $500,000: 20%
- $500,000 to less than $1 million: 31%
- $1 million to less than $2 million: 14%
- $2 million to less than $3 million: 5%
- $3 million or more: 7%
When asked if they're currently contributing to retirement accounts, roughly 1 in 4 workers 55-plus (23%) said they do not participate in a 401(k), IRA, or other plan, a rate even higher in younger adults ages 18–34 (40%).
Sixty-seven percent of workers in the South and 69% in the Midwest contribute to retirement accounts, compared to 73% in the Northeast and 71% in the West.