If you didn’t have to work — would you? That’s a decision many pre-retirees and new retirees are starting to ask themselves. After all, with today’s longer lifespans, retirees could live upwards of 30 years in retirement. Not only is that a lot of days to fill with satisfying activities that typically no longer involve raising a family, but a long retirement also requires a lot of income to provide on your own.
According to a study sponsored in part by Bank of America and Merrill Lynch, approximately 50 percent of current retirees have worked during retirement or are considering it. Moreover, nearly three-quarters of pre-retirees over age 50 say that their ideal retirement would include paid work of some sort. It’s interesting to note that among them, 35 percent say the ideal scenario for retirement is part-time work.1 [Read more…]