November 9, 2019

Why So Many American Seniors Are Putting Off Retirement

A new survey by Provision Living delves into why many of America’s seniors are working well into their retirement. With over 20% of the US population over age 65 still working (a record!), the survey provides some insight into this development.

Some of the good news is that over half (53%) of the 1000 seniors surveyed shared that they do not wish they were retired, although 20% acknowledged they would like to reduce their hours. And over half of those who responded that they continue to work for personal reasons (38%), do so because they enjoy their work.

The not so good news is that most seniors still working past retirement age do so for financial reasons (62%). The survey also found that the average retirement savings for seniors still working is $133,108 while the respondents’ ideal average savings for retirement was $800,000.

This disparity in actual savings versus what is needed to retire highlights the significant need for programs and benefits for seniors. Fortunately more and more seniors are learning about the value of life settlements to help bolster their retirement savings or fund long term care needs. Life settlements help life insurance policy holders sell their life insurance policy to a third party for less than the death benefit, but more than the cash value of the policy, and can be a significant part of the financial puzzle that our seniors face. Go to our Learning Center to find out more about life settlements!