COMP NEWS – Fewer and fewer workers believe they’ll be able to retire in their mid-60s, according to a new survey.

• Most U.S. workers at mid- and large-sized companies lack confidence in their ability to retire within the age range — typically 65 to 67 years of age, per the Social Security Administration — recognized by the federal government, according to a recent survey by Economist Impact and TIAA subsidiary Nuveen.

 

• The survey found that 57% of respondents felt this way about their retirement prospects, and the sentiment was especially strong among Black, Hispanic and Asian workers compared to White workers, the firms said. Generation Z respondents also were less satisfied with retirement benefits and less confident in their prospects than their older counterparts.

 

• About one-third of respondents said their employers clearly communicated information about retirement plans and even fewer said they “strongly agree” they had clarity about how much retirement income they would receive. The study showed employers have opportunities to improve benefits selection beyond retirement, including in areas such as tuition assistance, family planning and family care.

As the retirement age climbs upward, even more workers are considering post-retirement work.

As retirement concerns grow, more than half of workers say they would consider post-retirement work, an Empower report found last September. That comes as older workers are expected to make up a greater share of the global workforce within the next decade, according to Bain & Co., which estimated that workers 55 and older would comprise one-quarter or more of G7 countries’ workforces by 2031.

 

An aging workforce, whether or not encouraged by delayed retirement, has led to calls for HR departments to do more to fight age bias.

To read more about the study, click here.

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