Countless surveys say that Baby Boomers and Gen Xers aren't saving enough for retirement. But a recent survey from Transamerica Center for Retirement Studies shows another place where American workers are falling short: preparing for work in retirement.
In the study, 56% of workers said they expect to work at least part-time past age 65. Among Baby Boomers, 6 in 10 (65%) expect to or already working past the traditional retirement age. More than half of Gen Xers (56%) also planned on at least part-time employment during retirement.
However, that vision may be out of reach, as few workers seem to be taking steps to make it happen. Less than half of workers (46%) are keeping their skills up-to-date, a finding that held for Baby Boomers and Gen Xers alike. And only 18% are scoping out the job market and opportunities available, with 15% of Baby Boomers and of Gen Xers alike reporting an active lookout.
Overall, a number of workers seemed to believe their employers would let them stay on part-time -- which well could not happen due to present employment market conditions and practices. Meanwhile, the findings don't bode well for expectations of working past 65. That's even as 83% cited financial reasons as why they plan to continue doing so.
