Among baby boomers who are presently employed, 59% plan to work in retirement because of the pandemic. The coronavirus outbreak also led 60% of Generation X and 49% of millennials to plan the same.
“We’re encouraged to see this understanding of needing to take a ‘long-term view’ exists across age groups, in particular those with a longer retirement horizon,” Nelson said in a press release. “While the majority of generations have seen challenging times and volatile markets before, the findings of our survey and our own data show an even greater opportunity for employers to help their employees address both short- and long-term needs.
“Employers should maintain communications around their workplace benefit offerings to ensure employees understand how the right tools and guidance can help them achieve their retirement savings and broader financial wellness goals,” he continued. "And with open enrollment season about to begin, this is an opportune time to consider ways to ensure employees are taking advantage of all their benefit offerings.”
Speaking to AARP, Nelson said finances were not the only factor in continuing to work in retirement. The website reported 56% of survey takers said they’d elect to remain employed to keep up their cognitive function.
“It’s clear people are thinking about retirement in a more holistic fashion,” Nelson said.