Posted on Oct 9, 2007

A new survey conducted by online polling and market research provider Vizu Corporation, on behalf of RetireeWorkforce.com, says that more than three-quarters of people working today plan to continue working well into their retirement years. In fact, nearly 40% of all respondents anticipate doing so for monetary reasons. According to the survey, 34.1% of those polled plan on working to “make ends meet,” and that 14.7% anticipate seeking employment to “earn extra income to boost their quality of life.” In addition, while 22% claim that their motivation for working would be “the mental stimulation and challenge,” 4.7% state it would merely be “for the personal and human interaction.” Conversely, 24.8% reveal they don’t plan to work at all after retirement. “Individuals maintain their health and earning power longer than ever. Those shifts, combined with the economic realities of reduced personal savings, self-funded retirement plans and a more mobile society that often breaks the close-knit extended family, has caused people to re-think what it means to be retired,” says Joseph J. Scalice, President and CEO. Studies by Merrill Lynch and Ernst and Young reinforce the RetireeWorkforce.com/Vizu research findings, citing that 74% to 85% of all Baby Boomers want to remain in the workforce in some capacity. In fact, a study released in 2007 of New York employers by the AARP, conducted by consulting firm Towers Perrin, shows that 62% expect to face a workforce shortage in the next five years. Half of those surveyed admit that a significant amount of knowledge will be lost, and 60% say they are having a difficult time finding qualified workers. Despite the situation, only 23% have implemented any steps to prepare for the labor shortfall.