Retirement Planning

Will I Be Able to Retire When I Want?

There are a number of reasons why people who are age 60+ are reporting they will delay plans to retire. From financial obligations to concerns about healthcare, retirement day differs for everyone.

7 Reasons Why You May Find Yourself Retiring Later Rather Than Sooner

Retiring confidence has increased over the past few years, the majority of Americans are still not confident in their ability to retire when they want. In fact, 53 percent of employees plan on postponing their retirement a lot longer than anticipated.1

According to a recent CareerBuilder and Harris Interactive Survey of 536 full-time employees who are age 60 and older, 65 percent plan to delay retirement. Here’s what the survey revealed as the top reasons why.

  1. They haven’t saved enough.

    The number one reason why older workers are postponing retirement is because they don’t believe their nest egg is large enough to support them once their paychecks stop. In fact, the survey revealed that 43 percent of employees are fearful that they’ll run out of money in retirement, with 51 percent admitting that they haven’t saved nearly enough.

  2. They need healthcare benefits.

    Nearly one-in-three employees consider healthcare costs in retirement as a prime contributor to their worries about exiting the workforce. Needing to keep their current healthcare coverage ranked among survey respondents as the third most popular reason for delaying retirement.

  3. They’re supporting dependents.

    Thirteen percent of employees surveyed said they’ll have to delay retirement because they are continuing to support children and/or grandchildren.

  4. They enjoy their jobs.

    The survey revealed that 39 percent of people over the age of 60 continue to work because they simply enjoy what they do.

  5. Too much debt.

    Eighteen percent of those surveyed said they can’t possibly retire as planned due to the amount of debt they are still carrying.

  6. To remain active.

    Nearly half (47 percent) of those surveyed said they planned to find some type of part-time job after retiring to stay active and help earn extra income.

  7. To give back.

    Fourteen percent of those surveyed said they have a desire to continue to help others and be a part of the community in retirement, and they continue to work because they enjoy feeling needed.

For a wide array of retirement resources and tips on saving for retirement, visit the Protective Learning Center.

1. PwC 2015 Employee Financial Survey

Was this article helpful?

All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax‐related decisions. For information about Protective Life and its products and services, visit


Many Americans are delaying their retirement. This article presents the results of a survey that lists some of the top reasons why many of us looking to postpone retiring. For more information, visit our learning center.