Report says more people working in retirement

The Society of Actuaries (SOA) has released a new report, Key Findings and Issues: Working in Retirement, focused on its 2011 Risks and Process of Retirement study. Among the key findings:

• The transition from employed to retired status is now more of a progression than a sudden change.
• The maturing of the Baby Boomer population is creating increasingly important societal and financial challenges.
• 35% of retirees do not think they will retire, and that is primarily due to financial reasons (45%)
• There is a significant gap between when pre-retirees expect to retire and when actual retirees did, in fact retire (i.e., half of retirees retired before age 60 while only about one in ten expected to do so).
• Involuntary retirement and health issues often are the leading reasons for not continuing in the workforce.
• Many individuals do not understand the economic benefits of delaying retirement.
• For pre-retirees, continuing to receive health coverage from one's employer is the main advantage in delaying retirement. 

The July 2012 Working in Retirement report is available on SOA's website at http://www.soa.org/files/research/projects/research-key-finding-working-retire.pdf