Working part time in retirement is one way to supplement your income, and many expect to work, but statistics say don't count on it.
In fact, according to a recent Gallup poll, what people plan and what actually happens can be very different. For example, most people plan to work to 66 to maximize Social Security benefits, but it turns out the mean age for retirement is 62. Health or family considerations often derail plans.
About 20 percent of people who are near retirement imagine they will earn some money with part-time work but, in reality, only 3 percent of retired people do work, according to Gallup.
Most non-retirees (48 percent) expect to rely on retirement accounts and savings, while 27 percent of actual retirees describe these plans as a major source of income.
Instead, 59 percent of retirees say Social Security is a major source of income, compared with 34 percent of non-retirees who expect it to be a major source.
A strong majority of retirees continue to report that they are living comfortably in retirement: 77 percent, down slightly from 80 percent in 2002.
For those who are not retired yet, expectations that they will retire comfortably have fallen 10 percentage points since 2021, and five points since 2022.
Inflation and fears about the social security system are among the reasons for concern. More than 70 percent of non-retired adults are somewhat worried about income in retirement and 42 percent are very worried.