The company surveyed over 1,500 participants ages 60-75
According to American Advisors Group, a large percentage of older Americans are no longer looking toward a work-free retirement. Indeed, nearly half of seniors (46%) said they plan on working part-time or picking up a side job during their retirement.
Along with that, nearly one in five seniors (18%) said they plan to work past the age of 70, and an additional 12% said they do not plan to ever stop working full time.
Seniors may be working more to fund their retirement, but housing expenses are not the main cause. Nearly half of seniors (47%) said that their home was paid off and they live mortgage-free.
Seniors ranked “creating an emergency fund” and “filing for income tax refund” as their top 2 solutions to improve finances. However, neither one of these options could be used to create long-term retirement sustainability.
Meanwhile, seniors own over $8 trillion in housing wealth, which could be used to supplement income for millions of seniors in America.
We’ve reported that over 70% of Americans plan to take domestic trip despite COVID-19.