Locals will work longer, then retire somewhere else
Fewer Massachusetts workers believe they will stop working at the traditional retirement age than their counterparts across the United States because of the higher cost of living in the Bay State, a new report from Sun Life Financial Inc. concludes.
Only 39 percent of Massachusetts workers in the survey said they believe they will be retired at the traditional retirement age of 67 – lower than the national findings of 44 percent, said Sun Life, a financial services company with US headquarters in Wellesley.
In addition, 60 percent of Massachusetts respondents believe they will be working full- or part-time at 67, which is 5 percent more than the national results, according to the company's Unretirement Index.
And when Massachusetts workers do retire, 44 percent said they plan to do it somewhere else, saying that the high cost of living here makes the Bay State a less than ideal venue for retirees, the survey said; that sentiment was even more prevalent in younger workers.
"The nature of work and retirement is transforming rapidly in Massachusetts just as it is across the country," Wes Thompson, president of Sun Life Financial US, said in a statement. "Unretirement is now a reality for Bay State workers, and while we are working longer than our counterparts across the country, personal and lifestyle considerations play a larger part in our retirement choices than it does for other Americans. And while Massachusetts is a great place to work and live, financial costs here are high and could have a long-term negative effect on younger workers' decision to remain here."