Retirement is on the horizon, but many baby boomers are reluctant to stop working. Twenty-seven percent of boomers don’t expect to hang up their hat until they’re 70 or older, a 2017 Insured Retirement Institute survey found. Half of boomers polled said their fallback plan if savings ran short in retirement was to go back to work.
Sticking with a job or going back to work sounds like a good strategy, especially for the many retirees and near-retirees who are facing a savings shortfall. (More than half of boomers and seniors have less the $50,000 set aside for retirement, according to GoBankingRates.) Yet finding a new job once you’ve hit the mid-century mark can be tough.