CHICAGO, July 13, 2015 /PRNewswire/ -- Fifty-nine
percent of Baby Boomers in the Midwest plan to work beyond age 65,
and the majority of them are happy about it, according to a new
study commissioned by Bankers Life Center for a Secure Retirement
® (CSR).
The study – New Expectations, New Rewards: Work in Retirement
for Middle-Income Boomers – surveyed 1,005 middle-income
Boomers (261 from Midwest) and 2,293 retired Boomers (581 from
Midwest) aged 51 to 69 with an annual household income between
$25,000 and $100,000.
Retirees work because of desire, not need
Of the
Midwest Boomers currently employed, almost two-thirds (65%) are
working because they want to, not because they must. That's four
percentage points higher than their counterparts across the
country.
Those who are working voluntarily do so to stay mentally alert
(16%), remain physically active (16%) or to have a sense of purpose
(15%).
Job satisfaction is higher in the Midwest
While more
than half (53%) of the nation's Boomers make "much less" per hour
in retirement, 78 percent are more satisfied with their jobs than
non-retirees. In the Midwest, that number jumps to 88 percent, with
69 percent "more" or "slightly more satisfied" and 19 percent "as
satisfied" as they were in their pre-retirement work.
"Boomers in the Midwest are re-entering the job market
willingly," said Scott Goldberg,
president of Bankers Life. "With nearly nine in 10 'as satisfied'
or 'more satisfied' with their careers during retirement, Boomers
in the Midwest are poised to reap the financial and health benefits
of working during their golden years."
Midwest retirees more likely to work in part-time
For
Boomers, work in retirement means greater flexibility. Nearly nine
in 10 (88%) employed Boomer retirees across America have work
arrangements other than full time.
Approximately two-thirds (67%) of Boomers in the Midwest
describe their job as part time, compared to 59 percent of Boomers
across the nation. Outside the Midwest, retirees are more likely to
work freelance or own their own business.
Methodology
The New Expectations, New Rewards: Work
in Retirement for Middle-Income Boomers is part of a series of
studies commissioned by the Bankers Life Center for a Secure
Retirement. It was conducted in February and March 2015 by the independent research firm The
Blackstone Group.
The findings are from two internet-based surveys:
- Main survey: a nationwide sample of 1,005 middle-income Boomers
(261 from the Midwest). Quotas were established based on the U.S.
Census Current Population Survey data for age, gender and income to
obtain a nationally representative sample. The margin of error is
+/- 3.1 percentage points at the 95% confidence level.
- Supplemental survey: a nationwide sample of 2,293 retired
middle-income Boomers (581 from the Midwest) to assess the
percentage of retired Boomers who are working in retirement. The
margin of error is +/- 1.6 percentage points at the 95% confidence
level.
All respondents were aged 51 to 69 and have an annual household
income between $25,000 and
$100,000.
About the Center for a Secure Retirement
The Center
for a Secure Retirement is the Bankers Life's research and consumer
education program. The Center's studies and consumer awareness
campaigns provide insight and practical advice to help everyday
Americans achieve financial security in retirement.
About Bankers Life
Bankers Life focuses on the
insurance needs of middle-income Americans who are near or in
retirement. The Bankers Life brand is a part of CNO Financial
Group, Inc. (NYSE: CNO), whose companies provide insurance
solutions that help protect the health and retirement needs of
working Americans and retirees. There are more than 5,000 Bankers
Life insurance agents at over 300 offices across the country. To
learn more, visit BankersLife.com.
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SOURCE Bankers Life Center for a Secure Retirement