Six in 10 Americans aged 40 to 69 expect to do some work when they're retired, according to a new study by the Vanguard Group. Policy-makers should therefore consider making it easier for people who are 55 and older to tap into retirement plan assets while continuing to accrue retirement benefits or contribute to them, said Stephen Utkus, principal, Vanguard Center for Retirement Research, in an interview.
"The notion that (when you are 62) you stop work at 5 p.m. on Friday and Monday sign up for Social Security and get your 401(k) - that model is too simplistic," Mr. Utkus said. "There are transitional-type of work arrangements, but this is not the shift they told us in Retirement 101."
The study said 75% of all workers follow one of three retirement paths: People who retire in their 60s and returned to work part-time or became self-employed; people who retired in the 50s and returned part-time; and people who retired in the 50s and don't work.
Results were obtained from interviews with 38 people and an online survey of 2,474 respondents conducted between April and May.