older business man looking at tablet (Photo: Shutterstock)

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A majority of workers (57%) plan to work full-time or part-timein retirement, according to a new survey by the research team at TransamericaCenter for Retirement Studies reporting trends for three agegroups: baby boomers, Generation X and millennials.

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Generation X scores the highest percentage of those who plan towork either full-time or part-time in retirement (58%), followed by millennials (57%)and baby boomers (54%). Among just those who plan to work full-timein retirement, baby boomers score the highest percentage (42%) whencompared to the other two age groups included in the report.

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The study also reports that 52% of workers across age groupsplan to work past the age of 65 or don't plan to retire, accordingto data studied by the Transamerica Center for RetirementStudies. Among the three age groups extracted, 68% of baby boomersexpect to work past age 65 or are already doing so, followed by 53percent of workers in Generation X and 43 percent ofmillennials.

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One reason the majority of workers might anticipate extendingtheir work life? The study indicates that retirement savings maynot be sufficient. The estimated median retirement savings acrossall groups was $50,000 — with millennials on the low end, with anestimated $23,000 saved, and baby boomers on the high end, with anestimated $144,000 saved.

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All age groups cited as their top two reasons for working inretirement wanting the income and continuing to be active,according to the report. Only 22% of Generation Xers, 24% of babyboomers and 26% of millennials strongly agree that they're buildinga big enough nest egg for retirement.

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"Workers across generations are at risk of not achieving afinancially secure retirement — an issue of major concern longbefore the coronavirus pandemic," said Catherine Collinson, CEO andpresident of Transamerica Institute, said in a May 19 news release."Now, the negative economic effects of the pandemic are furtherthreatening retirement savings and security."

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The survey, "Retirement Security Amid COVID-19: The Outlook ofThree Generations," polled "a nationally representative sample" of5,277 full-time and part-time workers at for-profit companies, fromNovember 6 to December 27, 2019, according to the TransamericaCenter for Retirement Studies.

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Forecasting the future: Good vibes only

Of those who plan to retire, 55% of workers surveyed said theyexpect their enjoyment of their life to improve. Millennialsoutpaced baby boomers and those in Generation X with thissentiment, with 61% of respondents in that group reporting thatthey expected an uptick in their life enjoyment compared with 48%of baby boomers and 51% of Generation X. (But it's relevant to notehere that the number of millennial workers polled, 2,418, nearlydoubled the number of baby boomers respondents, 1,287, and was 41%higher than the 1,424 Generation X workers polled.)

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Between 86% – 89% of workers across the three age groupsincluded in the report cite one or more positive word associationswith "retirement," including the terms "freedom," "enjoyment" and"stress-free." Baby boomers cited the words "freedom" and"enjoyment" (59% and 60%, respectively) more often than those ingeneration X (57% and 52%) and millennials (55% and 50%).

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Lisa Helem is the editor in chief of TheNational Law Journal. Contact her at [email protected]. On Twitter:@lhelemNLJ

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