Evolving Retirement Model Study

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Retirement & Income Solutions

MetLife’s Evolving Retirement Model Study

How employers are addressing the needs of an aging workforce, and the generations that follow

MetLife Evolving Retirement Model Study 2020

In this study:

  • How many workers never expect to retire?
  • Why are some workers delaying retirement?
  • What impact does this have on younger workers?
  • Who is responsible for retirement security?
Historically, the question of when to retire was the most important career decision for an older worker. Today, however, the bigger question is not when they will retire but if they can.

Many developments have challenged the assumption that 65 is the standard retirement age. With many older workers staying in the workforce longer, the traditional model of retirement — which assumed a fixed career end-date, employer-paid benefits, and clear boundaries between work and retirement — has been replaced by a new and evolving model.

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Delayed retirement a growing concern

The impact of delayed retirement has become a growing concern compared to a MetLife study a decade ago. Employers wish more of their workers would transition into retirement. And, some are offering late-career pathways to get them there.

Employers' wishes regarding timing of employee retirement

45
%

We wish older workers would delay retirement to allow more time for knowledge transfer to younger workers.

55
%

We wish more of our older workers would retire to allow for advancement opportunities for younger workers.

Demand for guaranteed retirement income

Nearly all employers recognize the importance of guaranteed retirement income, especially in light of the fact that many workers are delaying retirement because they feel financially trapped.

Employer belief about retirement income security

Decline of traditional defined benefit (DB) pension plans results in greater reliance on defined contribution (DC) plans for retirement income
96%
Retirees need a source of guaranteed income they cannot outlive
88%
Increasing life expectancy is negatively impacting workers' retirement security
87%
Workers delaying retirement because they feel financially trapped
81%

Nearly all workers and retirees say it is important for retirees to have a source of guaranteed income they cannot outlive. It would bring them feelings of relief, excitement, hope, joy, and energy.

Did you know?

95% of workers and retirees say it’s important for retirees to have a source of guaranteed retirement income they cannot outlive

Conclusion

Today’s workplace landscape has evolved from the traditional notions of retirement. With this new retirement model come several considerations to meet the needs of an aging workforce, as well as the generations of workers who follow behind them.

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