A survey conducted among 7,078 respondents age 25 years and older in the United States found that a majority (72%) of people over the age of 50 who were working believed their ideal retirement would continue to include working, although differently than their current careers. Phasing in and out of the workforce, respondents planned for retirement, retired, took a break of about 2.5 years, then reengaged as entrepreneurs or part-time workers for approximately nine years, balancing work with leisure. After that, leisure replaced work. Five years before retiring, 37% of pre-retirees who wanted to work in retirement had already taken some meaningful steps to prepare for their post-retirement career; among those within two years of retirement, 54% had prepared for the next career. The expectation of working was driven more by desire than need.

SOURCE: Merrill Lynch with Age Wave, Work in retirement: Myths and Motivations (June 4, 2014)