These days, the retirement age of 65 isn’t as sticky. A recent survey from the LIMRA Secure Retirement Institute found one in five survey respondents continue to work past that age.
Fidelity Investments’ most recent Plan Sponsor Attitudes Study found that nine in 10 plan sponsors reported that they have had employees work past their desired retirement date. Seventy-three percent of sponsors acknowledged that there are costs when employees delay retirement, including increased benefit costs (37%), reduced mobility for younger employees (33%), challenges for strategic workforce planning (31%) and lower productivity (27%).
But, while retirement plan sponsors may not want additional costs from employees retiring later, they also may not want to lose valuable knowledge and the ability for older workers to mentor younger ones