It seems Americans are seeing retirement very differently, or at least that’s the gist of a recent report from investment firm Empower.
About 58% of the participants the company surveyed said they’d consider working after retirement and are open to working indefinitely. This was also true for about 64% of Baby Boomers and Gen X employees.
This isn’t driven by just financial reasons—some said they want to feel fulfilled, and work would satisfy those needs.
“Having clearly defined personal goals — including when you want to retire — can help determine how much you should have saved, and the steps you can take to help optimize your investments,” Nik Franklin, a senior financial advisor at Empower, said in a statement.
“Defining the ideal retirement is individual and comes down to priorities, values and goals — both financial and personal,” Franklin continues.
What’s more, 2 in 5 survey participants shared that securing employment post-retirement would help them keep up a rhythm in life, and a healthy daily routine.
“Move over fishing, there’s a new retirement hobby in town,” the report states. “According to survey results, most Americans would prefer to travel, garden, and hike in retirement. Americans were also interested in spending time in retirement to learn new skills, tinker with hobbies, and volunteer for worthy causes. Others wanted to socialize more, and some even desired to work a side hustle or start their own business.”
Additionally, nearly 22% would be open to moving to another state as a retiree, and another 10% said they’d move internationally.