More than 40% of global executives plan to continue working past the age of 64, with 15% planning to work past the age of 70, a survey has found.
According to a survey of 2,000 business leaders by Korn/Ferry International, 29% said they wished to retire between the ages of 65 and 69. Twenty-eight percent of those surveyed selected between 60 and 64, 19% selected 55-59, and 15% selected over 70. Seven percent of respondents plan to retire between 50 and 55 and 2% said they will retire before they reach 50.
A majority (62%) of executives say they now plan to work longer than they thought they would three years ago. As an indication as to why this may be, 60% believe their employers have inadequate retirement benefits programmes.
The survey also revealed that only 21% of executives believe that their employers actively take steps to retain critical knowledge that may otherwise be lost when employees retire. Less than half (41%) of executives believe that their employers are concerned about the potential for losing critical knowledge.