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No Retirement Expected*
09/23/2002 - Updated 10:02 AM ET
Survey: Many plan to work past 65
NEW YORK (AP) A large majority of workers over 45 plan to stay on the job into their retirement years, with 80% saying most people can't afford to quit work altogether, according to a new survey by the AARP.
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The survey, released Monday along with the organization's list of best companies for older employees, found that 69% of workers say they will keep working in retirement.
About three-quarters of those surveyed say money is one of the major reasons they plan to continue working. But about the same number said they enjoy working and 84% said they would continue to hold jobs even if they are financially set for life.
"We're finding there's a lot more going on here than just the need for money," said John Rother, AARP's policy director.
Many of the figures gathered in the survey are similar to those AARP has seen in earlier studies. But in one notable difference, 56% of those surveyed say they need to work to pay for health care costs for themselves and their families, up 15% from a survey done in 1985.
The survey, conducted in May and June, is based on a national sample of 1,500 people between the ages of 45 and 74.
The survey, AARP officials say, points to the need for employers to do more to attract and retain older workers, especially in industries with a tight labor supply. While such efforts are not yet common, they are highlighted in the group's awards to 15 employers for the way they deal with older workers.
Many of the companies being awarded offer older workers the chance to work flexible schedules, to share jobs with others or to shift to part-time. Some do so while allowing workers to keep their health care coverage and other benefits.
Other employers are being honored for efforts like mentoring programs, offering bonuses to older workers for coaching younger ones. Winners were chosen from 37 employers who applied for the designation.
The employers receiving awards are:
ABN AMRO North America Inc, Chicago
Prudential Financial Inc., Newark, New Jersey
Qualcomm Inc. San Diego
Calibre, Alexandria, Virginia
The Stanley Group, Muscatine, Iowa
New York Life Insurance Company, New York
The Hartford Financial Services Group, Hartford, Connecticut
Adecco Employment Service Inc., Melville, New York
DaVita Inc. of Torrance, California
Ultratech Stepper, San Jose, California
MITRETEK Systems Inc., Falls Church, Virginia
The Aerospace Corp., El Segundo, California
Principal Financial Group, Des Moines, Iowa.
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