Americans working after retirement

Americans plan on working after retirement

Posted on 2/25/13 8:05:00 AM

As the economy heals from the recession, Americans are still unable to afford having a life with no career after retirement. According to a recently released study from CareerBuilder, more people are expecting to continue working after they retire.

The survey was conducted by Harris Interactive and revealed that 60 percent of workers who are over the age of 60 said they would begin looking for a new job after they retire from their current company, which is a 3 percent increase from data reported from a group that was the same age last year.

For the survey, Harris Interactive compiled results from more than 680 workers in the country who are 60 years of age and older, as well as more than 2,600 hiring managers and human resources professionals. The surveys were conducted between November 1 and November 30 in 2012.

"We're seeing more than three quarters of mature workers putting off retirement, largely due to financial concerns, but also as a personal decision made by people who enjoy their work," said Brent Rasmussen, president of CareerBuilder North America. "The majority of workers who have talked with their bosses about staying on past retirement found their companies to be open to retaining them.  If you're approaching retirement age but hope to continue working, an open line of communication is very important."

When asked how soon they thought they would be able to retire, the majority of the respondents reported that they'd be able to stop working in one to two years or five to six years. Twenty-seven percent of the respondents reported they'd be able to retire in both time frames, respectively.

Twenty percent of the respondents said they believe they'd be able to retire in the next three to four years while six percent reported they would stop working in seven to eight years.

As more Americans put off retirement for the next couple years, employers are now hiring more seasoned individuals to help accomplish their company's goals. Forty-eight percent of the employers surveyed in the study revealed they planned on hiring workers who were 50 years of age or older during 2013, while 44 percent reported they had already hired workers who were in their 50's in 2012.

Tips to planning for retirement
As elderly Americans plan for their future and possible retirement, they should make sure they make the best preparations for their specific situations. CNN Money recently gave tips to those who are looking to make arrangements for their future retirement.

Future retirees should sit down and take everything into consideration, including their financial conditions, which should consist of the amount that have in their 401(k)s, IRAs and other company savings plans. If you have anything in a basic savings account or stocks, this should also be factored into your decision of retiring early or not.

The source also recommends following through and reassessing your status periodically to make sure you're not missing anything and have accounted for different market conditions that might arise and depreciate certain stocks and assets.

CareerBuilder suggests those considering work after retirement should stay current, highlight professional and personal experience in their resume and job interview and find new ways that they could benefit the company. Utilizing your network could also put you in a more favorable view by the company.