Retirement News : Seniors : Most executives planning late retirement

Most executives planning late retirement

Date Added: 22-04-2005

Nearly half of almost 2 000 global executives surveyed plan to continue working past the age of 64, with 15 percent planning to work past 70, according to the latest Executive Quiz from Leaders Unlimited Korn/Ferry International.

When asked at what age they plan to retire, the most popular response for executives was between ages 64 and 69.

A majority (62 percent) of executives say they plan to work until later in life than they thought they would three years ago - a possible clue as to why 60 percent believe their employers have inadequate retirement benefit programmes.

"The economic downturn of the past several years has clearly put strains on the retirement savings of all types of employees, including executives," says senior partner Gusti Coetzer.

'The baby boomer generation is known for its work ethic and many are simply not ready to slow down'

"We believe, however, there are additional motivations prompting executives to postpone retirement beyond the traditional age. The baby boomer generation is known for its work ethic and many are simply not ready to slow down.

While this won't solve the pending demographic shortfall of talent, it will provide organisations with more opportunity to leverage senior talent and migrate institutional knowledge to younger workers," Coetzer says.

The Executive Quiz also examined the issue of knowledge management and how companies are preparing for the imminent retirement of tens of millions of baby boomers in the coming decade.

Less than half - 41 percent - of respondents believe their employers are "very concerned" or "somewhat concerned" about the potential for losing critical knowledge as baby boomers retire. Additionally, just 21 percent say their company is actively taking steps to retain critical knowledge that might otherwise be lost as boomers retire.

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