This is the amount of money you should have before you’re ready to retire

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Recently Ladders covered a report destigmatizing seniors that put off retirement.  In that particular analysis, 88% of the elder members of the workforce said that they kept working past retirement age merely because they wanted to, more discreetly occasioning things like a sense of purpose and a desire to further cultivate their enterprises.  The Freshbook survey from which this stat is derived was premised by entrepreneurs specifically. Working for yourself amputates much of the daily stresses broadly associated with labor. Self-employment is by no means an innate scenario, nor is seasoned contentment.

Indeed, a new survey from Provision Living represents the other shoe in that seniors are working longer than previous generations. In the new paper, the majority of elderly workers (52%)  said that they could not afford to retire, even though an additional 47% really wished they were able to and another 20% felt that they worked way too many hours a week relative to their age.

The good folks over at Provision Living surveyed 1,032 workers between the age of 65 and 85 who are employed either full-time or part-time. Of those demographics, 60% were male and 40% were female. The average age of respondents was 67 years old.

 

The bronze years

Many of the participants in the new survey deal with age-related maladies, some mental, some physical. Forty-four percent believe that they face health-related limitations that directly hinder their performance at work and one in three fear that they will eventually get fired because of this.  From the report:

“Many seniors say they find it difficult to keep up with the ever-changing and evolving workplace. Nearly half say that physical or mental limitations prevent them from completing tasks. Those limitations have led some seniors to become worrisome about losing their jobs. In fact, 36% say they are fearful of being laid off because of their age and 33% experience “ageism,” or stereotyping because of their age. ”

Independent reports have determined that the average American believes they need at least $1.7 million to retire, even if very few expect to get there. Thankfully, the participants in Provision Living’s survey are a little more practical.  And it’s just as well considering the workers over the age of 61 recruited saved a median amount of $133,108. This figure was further dictated by a few other factors. College-educated seniors had significantly more tucked away. In any case, these figured $800,000 was enough to punch out before the forever nap.

 

 

With any luck, the average respondent hopes to be able to afford to retire by the age of 64, though the majority predict it will actually be closer to 72. In the interim, these elderly workers need every penny they earn to support their families (23%), pay off debts (19%) and their mortgage (13%).