Though many people spend their working years fantasizing about retirement and decades of relaxation, a recent study by Empower on redefining the ideal retirement finds that many still want to continue working.
In fact, more than half (58%) of Americans say they’re open to working indefinitely. Of course, some (40%) need the money, but other retirees look to work as a way to find personal fulfillment (41%) and a sense of purpose (37%).
Economic issues also influence such decisions about continuing to work, and Empower found that people’s top concerns are:
- Inflation (52%)
- Insufficient savings or running out of money (51%)
- Unexpected expenses (49%)
- Healthcare costs (44%)
- Housing affordability (37%)
Additional reasons for continuing work include:
- For a daily routine (37%)
- Intellectual stimulation (37%)
- Social interaction (27%)
- Creative outlet (25%)
- To pursue a passion (24%)
That said, retirees don’t want to go to an office for work in retirement. Forty-nine percent prefer remote jobs, 34% were okay with a hybrid schedule, and just 17% were willing to go to an office regularly.
The research also explored future retirees’ thoughts about where and how to live.
Half of baby boomers want to stay where they are, but 22% of Americans say they want to relocate to another state in retirement, and 10% would like to move abroad.
The top 5 U.S. retirement destinations are:
- Florida
- New York
- California
- Colorado
- Texas
The top 5 international picks are:
- Italy
- Thailand
- Japan
- Mexico
- Barbados
When looking at retirement spots, people are most concerned about
- Lower cost of living (55%)
- Climate (50%)
- Close to loved ones (41%)
- A slower pace of life (34%)
- Healthcare access (29%)
Those interested in retirement abroad consider the following important:
- Lower cost of living (70%)
- Climate (68%)
- A slower pace of life (55%)
- Cultural activities (45%)
- Healthcare access (45%)
Read more about current views on the ideal retirement in America here.