Over half of American workers plan part-time retirement

Many Americans are changing how they plan for retirement. A recent study shows that over half of current workers, or 52 percent, intend to work part-time even after they retire. This shift is partly due to financial struggles. About 69 percent of workers feel they will not save enough for their retirement. The study highlights that workers face challenges like a tricky job market and high living costs. Many are still recovering from the financial impacts of the COVID-19 pandemic. However, saving for retirement is still important for most. Around 83 percent of workers are saving through retirement plans, starting at a median age of 26. Yet, only 28 percent believe they are on track to save enough for retirement. Financial stress is pushing many to access their retirement funds. A worrying 37 percent have borrowed from their retirement accounts. The average savings in these accounts is about $82,000, which is far below the estimated $700,000 most need to retire securely. To deal with potential savings shortfalls, many workers plan to retire later. Around 36 percent expect to retire at age 70 or older, while some do not plan to retire at all. On a positive note, about 68 percent of workers feel confident they can retire comfortably when the time comes. The retirement landscape in the U.S. has shifted significantly over the years. A report from Pew Research found that about 20 percent of Americans aged 65 and older were still working in 2023, nearly double the amount from 35 years ago. Employment among older adults has increased significantly, from 8.2 million in 2015 to 11.1 million in 2025. Experts say rising living costs and financial uncertainty make it hard for people to retire comfortably. They point out that many do not understand how to manage their savings and benefits effectively. Poor decisions related to healthcare and retirement savings can lead to delays in retiring for many individuals.