More than half of all Americans — including 64% of Baby Boomers and Gen Xers — are open to work after retiring from an employer and would consider working indefinitely.
That’s what a new study shows from Empower, which manages $1.4 trillion in assets for over 18 million retirement plan participants.
Retirees are looking to work for personal fulfillment (41%), to find a sense of purpose (37%) and for financial need (40%).
In fact, unease about the U.S. economy is a major reason respondents said they may want to continue working. They are concerned about inflation (52%), running out of money (51%), and unexpected expenses (49%).
The study also found that 56% of respondents rely on their 401(k) accounts as their primary retirement nest egg, followed by stocks and regular savings accounts.
Additional insights from the research include:
Workplace Benefits: Almost 40% believe post-retirement work helps maintain a structured daily routine and keeps them mentally and physically engaged.
Post-Retirement Relocation: 22% of Americans have set their sights on another state for retirement, while 10% are considering foreign shores, with Gen Z showing the highest inclination (13%) for an overseas move.
Retirement Destinations: Florida, New York, California, Colorado, and Texas top the list of retirement-friendly states. If heading overseas, retirees seem to prefer Italy, Thailand, Japan, Mexico, and Barbados.
Hobbies in Golden Years: Travel remains the top retirement activity, with 52% setting their sights on globetrotting, followed by gardening and hiking.
The study, conducted by Fractl on behalf of Empower in July 2023, surveyed 1,009 Americans.
