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Directions: After reading the passage below, fill in the blanks to make the passage coherent and grammatically correct. For the blanks with a given word, fill in each blank with the proper form of the given word; for the other blanks, use one word that best fits each blank.
More Americans are opting to work well 1 retirement, a growing trend 2 threatens to upend the old workforce model.
One in three Americans who are at least 40 have or plan to have a job in retirement to prepare for a longer life, according to a survey 3 (conduct) by Harris Poll for TD Ameritrade. Even more surprising is that more than half of “unretirees” — those who plan to work in retirement or went back to work after retiring — said they 4 (employ) in their later years even if they had enough money to settle down, the survey showed.
Financial needs aren’t the only culprit for “the unretirement” trend. 5 , according to the study, include personal fulfillment such as staying mentally fit, preventing boredom or avoiding depression. About 72% of “unretire” respondents said that they would return to work 6 retired to keep mentally fit while 59% said it would be tied to making ends meet.
“The concept of retirement is evolving,” said Christine Russel, senior manager of retirement at TD Ameritrade. “It’s not just about finances. The value of work is also driving folks 7 (continue) working past retirement.”
One reason for the change in retirement patterns: Americans are living longer. The share of the population 65 and older was 16% in 2018, up 3.2% from the prior year, according to the U.S. Census Bureau. That’s also up 30.2% since 2010. Older Americans are also the fastest-growing segment of the U.S. workforce, and boomers are expected to live longer than previous generations. The percentage of retirement-age people in the labour force has doubled over the past three decades. About 20% of people 65 and older were in the workforce in February, up from an all-time low of 10% in January in 1985, according to money manager United Income.
Unfortunately, many people who 8 (choose) to work in retirement are preparing to do so because they are worried about making ends meet in their later years, said Brent Weiss, a co-founder at Baltimore-based financial-planning firm Facet Wealth. He suggested that preretirees 9 speak with a financial adviser to set long-term financial goals.
“ 10 (challenging) moments in life are getting married, starting a family and ultimately retiring,” Weiss said. “It’s not just a financial decision, but an emotional one. Many people believe they can’t retire.”
