Willis Towers Watson Survey Indicates That 1 In 4 Employees See To Work Beyond Age 70

Willis Towers Watson WLTW revealed that roughly one in four employees in the United States believe that they would not be able to retire until after the age of 70. According to the company, the opinion was despite an improvement in their financial situation and retirement confidence. Moreover, nearly one-third (32%) expects retiring later than previously planned.

Willis Towers Watson said the Global Benefits Attitudes Survey of nearly 5,100 American employees found that 23 percent believe they would have to work past age 70 to live comfortably in retirement. The survey pointed out that another 5% didn't think that they would ever be able to retire. According to the survey, while the average employee in the United States expects to retire at age 65, they admit there was a 50% chance of working to age 70.

The company's senior economist, Steven Nyce, commented, "Although their financial situation has improved over the past few years, many workers remain worried about their long-term financial stability. In fact, the only way for many employees to achieve retirement security and overcome inadequate savings is to work longer. Interestingly, employees are increasingly looking to their employers for help with retirement."

Willis Towers Watson's senior retirement consultant, Shane Bartling, said, "With the vast majority of workers counting on their employer's retirement plan as the primary way they save for retirement, employers have plenty of motivation to act. In addition to saving for retirement, employees are dealing with other, competing financial priorities such as housing and debt. Employers should take this opportunity to personalize their real-time decision-making support and recalibrate default enrollment to close the gaps in employee understanding about the savings amount required and costs in retirement."

According to the survey, over six in 10 respondents would be willing to pay more out of their paychecks for more generous retirement benefits, while 63 percent would be willing to pay more for a some benefit at the point of retirement.