Graying Workforce

February 11, 2010 at 8:50 am Leave a comment

Workforces will become increasingly gray as older employees, reeling from the blows to retirement savings accounts, put off exiting the workforce while they try to recoup some losses, according to a survey report from the Watson Wyatt consulting firm. The report concludes that older workers will be on the job longer than expected.

The survey found that:
* One-third of all U.S. workers have increased their planned retirement ages since February 2008.
* The changes in plans are more pronounced for older workers; 44 percent of those 50 or older plan to delay their retirement, compared with 25 percent of those under 40.
* Although the average planned retirement age for all employees is 65, half of those 50 or older now plan to retire at 66 or later.

Seventy-six percent of older workers ages 50 to 64 cited the decline in the value of their 401(k) accounts as the most important reason for planning to postpone retirement, followed by the high cost of health care and higher prices for basic necessities. Within this group, 54 percent indicated that they will work for at least three years longer than previously expected.

Excerpted from HR Magazine, December 2009.

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Entry filed under: Human Resources (HR). Tags: , , , .

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