Over half (58%) of Americans (64% of Baby Boomers and Gen Xers) may be in the job market post-retirement, and are open to working indefinitely – but the reasons aren't purely financial according to new research from Empower, a leader in financial planning, investing, and advice. Would-be working retirees are motivated by values like personal fulfillment (41%) and having a sense of purpose (37%), just as much as potential financial needs (40%).

People remain concerned by economic factors that could impact their financial futures like inflation (52%), running out of money (51%), and unexpected expenses (49%). Overall, respondents point to having a 401(k) account as the top way to save for retirement (56%), followed by stocks (35%) and a traditional savings account (34%). According to Empower data, for people ages 60 to 65, the average 401(k) account balance is $198,194.* Workplace savings, such as a 401(k), are one important component of long-term financial health — alongside retirement income, including Social Security, and a person's overall net worth.

"Having clearly defined personal goals — including when you want to retire — can help determine how much you should have saved, and the steps you can take to help optimize your investments," says Nik Franklin, CFP®, a senior financial advisor at Empower. "Defining the ideal retirement is individual and comes down to priorities, values, and goals — both financial and personal. Getting a handle on your overall net worth is a concrete action to help see where you stand, and where to go."

More key findings:

• Keeping the office door open: Nearly 2 in 5 Americans say working post-retirement would help them maintain a daily routine (37%) and keep their minds (37%) and bodies active (36%). Gen Zers are the least likely generation to say they're open to working after they retire, at 49%.

• Plans for relocation: Nearly 1 in 4 Americans (22%) want to relocate to another state in retirement, and 10% say they'd like to move abroad (Gen Z has the most wanderlust, at 13%). One-third (32%) of respondents and 50% of Boomers plan to stay put post-retirement.

• Most popular places: The top five most popular states for retirement include Florida, New York, California, Colorado and Texas. The top five most popular countries for retiring abroad include Italy, Thailand, Japan, Mexicoand Barbados.

• Staying busy: When it comes to passing the time, Americans say their most desired retirement activities are traveling (52%) followed by gardening (35%) and hiking (33%).

The full report can be found on The Currency™. Visit empower.com to schedule an appointment with a skilled financial professional or sign up for Empower's free financial tools.

ABOUT THE STUDY
Survey of 1,009 Americans conducted in July 2023 by Fractl on behalf of Empower.