Many Iowa baby boomers are planning to work later in life than their parents did, according to a survey by a financial services company. Peter Eckerline, a financial planner with Merrill Lynch, says many Iowans plan to continue working, not out of financial necessity, but because they want to. Eckerline says “A lot of them feel they get a lot of personal satisfaction, mental stimulation, and health benefits by working longer.” As health care costs rise, Eckerline says it doesn’t hurt that many of those people will get health insurance with their jobs. He says “retirement” has a different meaning now, as many Iowans plan to “retire” from their current jobs, only to start new ones. He says “It used to be you’d work ’til you’re 65 and you died when you were 72, and unless you had a bad case of longevity everything worked out. Well now I think people are retiring when they’re 55 and they’re living ’til they’re 100 and it’s certainly changed the dynamics dramatically.” The survey found only 17-percent of respondents hoped to give up work completely during their retirement years. It found 76-percent of boomers plan to work in retirement, while some plan to start their own business, and others will cycle between work and leisure. 67-percent say they’ll keep working primarily for mental stimulation, not for money.
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