Retirement Realities
A recent survey has revealed that two-in-five (41%) retired Americans feel that their current financial situation doesn’t allow them to live the retirement life they envisioned, highlighting a significant gap between retirement expectations and reality.
Side Gigs
Although almost all (92%) retirees surveyed do not have a side gig to boost their income, a majority (60%) express a desire to have one, which may point to a growing need to explore additional financial avenues to finance post retirement lifestyles. When retirees do have side gigs, more than half (55%) say they took it in order to participate in an activity they find mentally or socially stimulating. Financial motivators are also prominent. One-fifth (20%) aim primarily to reduce existing debts, indicating that debt obligations are lingering well into retirement, and about one-in-five (17%) see side gigs as a way to afford a more comfortable and fulfilling retirement.
Approaching Retirement
For Americans aged 50 or older who are approaching retirement but have not yet left the workforce, the idea of supplementing their retirement income is becoming increasingly appealing. Almost two-thirds (63%) have already considered pursuing a side gig once retired, revealing a proactive approach towards retirement financial planning. This shift may reflect a changing retirement landscape where additional income sources are a core component of retirement strategies for many older Americans.
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Research publisher
D.A. Davidson is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 with corporate headquarters in Great Falls, Montana, and regional headquarters in Denver, Greater Los Angeles, New York, Omaha and Seattle, the company has approximately 1,600 employees and offices in 30 states.
Methodology
This survey was conducted online by Big Village. The survey was fielded on March 20-25 among a nationally representative sample of 1,008 U.S. adults 50 years of age and older.
