The nature of retirement is evolving

The traditional conception of a full retirement at 65 has been evolving amid demographic and economic changes. The Harris Poll recently surveyed a representative sample of Americans to gauge their own retirement planning and whether they plan to fully stop working, to pursue a reinvention of themselves in pursuing paid/unpaid work or hobbies, or to continue working full- or part-time. Below are some of the key findings.

Full retirement is the norm—for now. 

More than half (56%) of U.S. adults strongly agree that retirement is an important milestone (this increases to 65% among those who are currently retired), and nearly all self-identified retirees (94%) are fully retired. Among those who are currently working or looking for work, only 56% want to fully retire in the future, with 30% wanting to partially retire and 7% not wanting to retire at all. 

Retirement may allow people to make personal investments, but remaining in the workforce has its benefits. 

Americans have many motivations for retirement. Among those who are retired or want to retire in the future, they are as follows: Spending time with loved ones: 53% (Retired: 40%, Not retired: 58%); pursuing other interests: 44% (Retired: 31%, Not retired: 50%); desire: 40% (Retired: 40%, Not retired: 40%); change of pace: 25% (Retired: 16%, Not retired: 28%). 

Of the primary motivations for continuing to work among those who are not fully retired or do not want to do so in the future are stimulation (38%), time occupation (35%), independence (33%), and experience such as enjoyment or fulfillment (32%). 

Preparedness may impact attitudes toward retirement, both before and after exiting the workforce. 

Among non-retirees, those who are comfortable with their retirement planning progress agree that they often think about retirement more frequently than those who express concerns about their progress (74% vs 62%). 

Among retirees, those who express concerns about their retirement planning progress agree that their quality of life changed after retiring more frequently than those are comfortable with their progress (86% vs 71%). Those who express concerns about their retirement planning progress agree that their retirement experience differs from expectation more frequently than those are comfortable with their progress (68% vs 41%). Those who are comfortable with their progress are more often satisfied with their retirement experience compared to those who express concerns (94% vs 73%), with the number of “very satisfied” being 56% vs 30%. 

These surveys were conducted online in the United States by The Harris Poll from February 23, 2024 to February 26, 2024 among 1,092 US adults, aged 18+. Figures were weighted where necessary to align with actual proportions within the population. For additional information, please contact The Harris Poll.