A third of older people are still hard at work, with 45 percent putting in full-time hours on the job and 55 percent working part time. A new study from Provision Living asked seniors 65 and older why they’re still laboring away in the workforce, when they could be enjoying the fruits of retirement after years of employment.
According to the respondents, 62 percent say they’re still on the job for financial reasons, while 38 percent cite personal reasons for sticking with the nine-to-five. The average retirement savings among those working seniors is a pretty clear indication why they can't afford to retire; it’s just $133,108.
Of the group that said they work for financial reasons, 37 percent say they simply can’t afford to retire. Another 23 percent say they’re supporting family, 19 percent are paying off debt, 13 percent are paying off a mortgage, 4 percent are saving up for a big expense and 3 percent have some other reason.
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