As you think about the future of your organization, here are some interesting statistics to ponder, courtesy of a survey by The Gray Hair Management (Chicago Sun-Times, Jan. 14, 2008). According to this survey of corporate executives ages 40 and older, 75% plan to retire after the age of 60. Specifically:
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28% plan on retiring between the ages of 61 and 65,
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31% plan to retire between the ages of 66 and 70,
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16% plan to retire after age 70,
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12% will retire before age 60,
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and 13% were undecided.
Almost 30% of respondents said health care is their biggest concern about retirement, while another third are concerned about their financial security.
One of the more important findings of the survey is that 24% or respondents plan on retiring earlier than their parents did, while 39% plant to retire at an older age.
While everyone has heard the prediction that when the Baby Boomers start to retire en masse, there will not be enough qualified executives ready to lead today's business community. Today's statistics may mean that prediction isn't as dire as first thought, however, the cost to keep those executives (health care and pension/401k funding may make the news more of a two-edged sword.