Thanks to the strain of the economic downturn, top executives are planning to postpone retirement longer than they had expected, according to the latest survey from executive recruitment firm Korn/Ferry International.
More than 60 percent of global executives say they plan to work later in life than they thought they would three years ago, the survey of about 2,000 mid- to top-level executives showed. Furthermore, 44 percent of executives plan to work past the age of 64 with 15 percent planning to continue work beyond 70.
The survey is the latest sign that attitudes about retirement are changing. The average age of departing chief executives is currently 57.5 years, according to outplacement firm Challenger, Gray & Christmas.
Among the possible clues for the change, Korn/Ferry says the recession of the last three years has strained retirement savings, baby boomers are known for their strong work ethic, and the majority of executives believe their companies have inadequate retirement benefit programs.