CHICAGO, Ill. – July 13, 2015 – Fifty-nine percent of Baby Boomers in the Midwest plan to work beyond age 65, and the majority of them are happy about it, according to a new study commissioned by Bankers Life Center for a Secure Retirement ® (CSR).
The study – New Expectations, New Rewards: Work in Retirement for Middle-Income Boomers – surveyed 1,005 middle-income Boomers (261 from Midwest) and 2,293 retired Boomers (581 from Midwest) aged 51 to 69 with an annual household income between $25,000 and $100,000.
Retirees work because of desire, not need
Of the Midwest Boomers currently employed, almost two-thirds (65%) are working because they want to, not because they must. That’s four percentage points higher than their counterparts across the country.
Those who are working voluntarily do so to stay mentally alert (16%), remain physically active (16%) or to have a sense of purpose (15%).
Job satisfaction is higher in the Midwest
While more than half (53%) of the nation’s Boomers make “much less” per hour in retirement, 78 percent are more satisfied with their jobs than non-retirees. In the Midwest, that number jumps to 88 percent, with 69 percent “more” or “slightly more satisfied” and 19 percent “as satisfied” as they were in their pre-retirement work.
“Boomers in the Midwest are re-entering the job market willingly,” said Scott Goldberg, president of Bankers Life. “With nearly nine in 10 ‘as satisfied’ or ‘more satisfied’ with their careers during retirement, Boomers in the Midwest are poised to reap the financial and health benefits of working during their golden years.”
Midwest retirees more likely to work in part-time
For Boomers, work in retirement means greater flexibility. Nearly nine in 10 (88%) employed Boomer retirees across America have work arrangements other than full time.
Approximately two-thirds (67%) of Boomers in the Midwest describe their job as part time, compared to 59 percent of Boomers across the nation. Outside the Midwest, retirees are more likely to work freelance or own their own business.
The New Expectations, New Rewards: Work in Retirement for Middle-Income Boomers is part of a series of studies commissioned by the Bankers Life Center for a Secure Retirement. It was conducted in February and March 2015 by the independent research firm The Blackstone Group.
The findings are from two internet-based surveys:
- Main survey: a nationwide sample of 1,005 middle-income Boomers (261 from the Midwest). Quotas were established based on the U.S. Census Current Population Survey data for age, gender and income to obtain a nationally representative sample. The margin of error is +/- 3.1 percentage points at the 95% confidence level.
- Supplemental survey: a nationwide sample of 2,293 retired middle-income Boomers (581 from the Midwest) to assess the percentage of retired Boomers who are working in retirement. The margin of error is +/- 1.6 percentage points at the 95% confidence level.
All respondents were aged 51 to 69 and have an annual household income between $25,000 and $100,000.
About the Center for a Secure Retirement
The Center for a Secure Retirement is the Bankers Life’s research and consumer education program. The Center’s studies and consumer awareness campaigns provide insight and practical advice to help everyday Americans achieve financial security in retirement.
About Bankers Life
Bankers Life focuses on the insurance needs of middle-income Americans who are near or in retirement. The Bankers Life brand is a part of CNO Financial Group, Inc. (NYSE: CNO), whose companies provide insurance solutions that help protect the health and retirement needs of working Americans and retirees. There are more than 5,000 Bankers Life insurance agents at over 300 offices across the country. To learn more, visit BankersLife.com.