They're still in the workforce, but why?

A third of older people are still hard at work, with 45 percent putting in full-time hours on the job and 55 percent working part time. And while there are plenty of reasons they could be sticking with the job, despite their age, one survey was designed to find out the reason or reasons.

A new study from Provision Living asked seniors 65 and older why they're still laboring away in the workforce, when they could be enjoying the fruits of retirement after years of employment. And the results probably won't be too surprising, considering all the headlines about people having to work longer because they're financially unprepared for retirement.

According to respondents, 62 percent say they're still on the job for financial reasons, while 38 percent cite personal reasons for sticking with the nine-to-five.

Of the first group, 37 percent say they simply can't afford to retire, while 23 percent say they're supporting family, 19 percent are paying off debt, 13 percent are paying off a mortgage, 4 percent are saving up for a big expense and 3 percent have some other reason.

The average retirement savings among working seniors is a pretty clear indication that those 62 percent weren't kidding about not being able to afford to retire; it's just $133,108.

Among college-educated seniors it's a bit higher, at $169,180, but naturally enough it's lower for non-college-educated seniors, at $80,221.

And 70 percent say that once they do retire, Social Security will be their main source of income.

By the way, 11 percent say they're counting on children or family to keep them financially afloat once they do retire.

But surprisingly, among the personal reasons, the top reason is that they just enjoy working—45 percent of the "personal reasons" crowd gave that as their motivating force.

And while 18 percent say they work to ward off boredom,16 percent say they like their jobs but only work part time; 12 percent work to fill empty hours, 6 percent work to ward off loneliness and 1 percent have some other reason.

In addition, 47 percent say they wish they were already retired, and 20 percent of those working don't really want to retire but would prefer to work fewer hours. Only a third seem to be happy just laboring on.

Among those working, 36 percent fear being laid off because of their age, while 33 percent have experienced ageism in the workplace and 44 percent say that physical or mental limitations have kept them from finishing tasks.

So when do they plan to retire? The average age cited is 72—which means they may still have a few more miles to go before they sleep.

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Older workers stalling on retirement

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