AARP Survey Explores Plans and Motivations for Michigan Seniors Working Past Retirement.

A survey of AARP residents in Michigan finds that retiring comfortably at age 62 is not a reality for many who expect to work well past the traditional retirement age due to increased longevity and rising health care costs. In particular, 36% work full-time and 9% part-time, and 49% consider it extremely (27%) or very (22%) likely that they will continue working beyond retirement. The most common reasons for continuing to work cited were;

• health insurance coverage (54%);
• enjoy working (45%);
• need for extra income (44%); and
• paying for prescription drugs (41%).

The survey also reports that 50% plan to work part-time and pursue hobbies when they reach the retirement age, while 37% intend to work at their current jobs as long as possible. With respect to when they will retire, 23% think they will retire at age 60-64, 37% at 65-69, and 20% at age 70 or older.

Sources: AARP Research Report (July 2008); Battle Creek (MI) Enquirer "Work at 50-Plus: New age of possibility and purpose" (July 1, 2008)

Survey: AARP Finds Many Michigan Members Working Past Traditional Retirement Age

A mail survey of 3,000 Michigan AARP members age 50 to 62 finds that retiring comfortably at age 62 is not a reality for many of them who expect to work well past the traditional retirement age due to increased longevity and rising health care costs. In the research report written by Erica L. Dinger, J.D., AARP Knowledge Management--"What Retirement? Working and Learning for AARP Members in Michigan", of the 832 members currently working or looking for work:

• 36% work full-time and 9% part-time;
• 49% consider it extremely (27%) or very (22%) likely that they will continue working beyond retirement;
• 54% say health insurance coverage is a major factor in their decision to continue working, while 45% enjoy working, 44% need extra income, and 41% need income to pay for prescription drugs;
• 37% intend to work at their current jobs as long as possible;
• 23% think they will retire at age 60-64 and 37% at 65-69; 20% estimate retiring at age 70 or older.

Source: AARP Policy & Research (September 2007)