One in three retirement savers plan to work after they retire

Nearly one in three retirement savers worldwide now expect to “unretire” and work at least part‑time after leaving full‑time employment – and that rises to 37 percent.

The findings point to persistent economic anxiety, low retirement confidence and a growing expectation that retirement will blend work and drawdown rather than mark a clean exit from the labour force. 

Half of respondents expect a recession by mid‑2026.  

Inflation ranks as the top concern, with 42 percent of savers saying they are very concerned, followed by geopolitical events (30 percent) and interest rates (27 percent). 

Economic outlooks diverge by market.  

Economic pessimism is highest in Japan and Canada, where 62 percent and 56 percent of respondents, respectively, foresee a recession.  

In contrast, savers in the US, Australia and the UK are more upbeat, with less than half bracing for a near‑term downturn. 

The survey also links financial stress to macro worries.  

Among those who describe themselves as “very financially stressed,” 60 percent are also “very concerned” about inflation and 44 percent are “very concerned” about interest rates.  

Younger cohorts report higher concern about equity markets, with Gen Z more likely than older generations to say they are very concerned about the stock market. 

Retirement expectations are muted.  

Only 31 percent of global respondents expect to live as well as or better in retirement than during their working years.  

Japan and Australia emerge as the most pessimistic on several measures, while UK respondents are relatively more optimistic. 

Seventeen per cent of global savers say they expect to run out of money in retirement.  

Just 27 percent feel confident they could withstand a major financial shock once retired, and 31 percent expect to reduce their standard of living. 

Confidence gaps between men and women are clear. 

Women – especially single women – report significantly lower retirement confidence than men.  

The gap is most pronounced in Australia, where 31 percent of men report high confidence versus 15 percent of women.  

In Japan, men and women report similarly low confidence, with many respondents choosing neutral options. 

Emotional outlook tracks financial footing.  

About one‑third of savers say they are excited for retirement.  

Those who report excitement are more likely to be higher earners, more likely to be married (39 percent versus 30 percent of single savers), and are twice as likely to report progress toward their financial goals. 

The expectation of working in retirement is now a central feature of how many respondents see later life.  

Nearly 34 percent of global retirement savers expect to work at least part‑time in retirement, “most pronounced in the United States, where 37 percent of respondents anticipate working in retirement.” 

The firm notes that this “unretiring” trend is one it has been tracking, most recently in the US and Hong Kong. 

There is no single retirement trigger.  

“Retiring at a specific age” is the most common answer (34 percent) across age groups, but younger workers are more likely to tie retirement to reaching savings milestones or income replacement targets, while older workers focus more on eligibility for government benefits.  

Older workers are also more likely to expect to retire after age 65, compared with younger cohorts. 

Across all five countries, respondents rank “maintaining an acceptable quality of life” and “overall, having financial peace of mind” as their top financial objectives, with more than 90 percent calling them major or minor goals.  

Managing and budgeting for day‑to‑day expenses follows, along with saving through workplace retirement plans and building emergency savings for job loss or unexpected costs. 

Country‑level differences emerge in retirement vehicles.  

Japanese and Australian savers place relatively less emphasis on saving through workplace defined contribution plans than respondents in the US, Canada and the UK.  

Japanese savers show a modest preference for saving for retirement outside the workplace system, ranking non‑workplace saving ahead of DC workplace saving. 

Most respondents say they want investment choice, but their preferences still align with default‑driven systems.  

Globally, 68 percent say they prefer to choose how their retirement savings are invested.  

Within that: 

• 35 percent “want to choose how my savings are invested, but I need education support” 

• 33 percent “want to choose my own investments, and I feel confident in my ability to do so” 

Another 22 percent say they do not want to choose investments and prefer that their savings be automatically invested.  

Canadians are the most likely to favour defaults (27 percent), while Japanese savers are the least comfortable with default investments (16 percent).  

Among those who prefer defaults, nearly half (47 percent) say they think it is best for a professional to choose. 

Generational patterns reinforce this tilt to professional management.  

Preference for defaults nearly doubles from Gen Z (16 percent) to baby boomers (31 percent), while the share who feel confident choosing their own investments falls from 37 percent to 30 percent across the same age bands.  

When the study combines those who want choice but need support (35 percent), those who prefer defaults (22 percent) and those who “don’t know” (10 percent), 67 percent of global savers fall into categories that match observed default adoption rates in markets with national default policies. 

Three of the four most relied‑upon sources of financial advice are workplace‑related.  

Globally, retirement savers rely most on the company that manages their workplace retirement plan and on human advisors paid through fees or commissions; these two sources tie as the leading channels. Japanese respondents are more likely than peers to self‑direct. 

For retirement education, one‑on‑one consultations with a financial advisor rank as the most helpful format, particularly for older workers and women.  

Younger generations place more emphasis on online courses and video tutorials.  

However, 36 percent of respondents either do not know what retirement education options their employer offers or say none are available, with higher unawareness in Australia and Japan.  

Women report lower awareness than men, while higher earners show greater familiarity with available workplace resources. 

T. Rowe Price’s inaugural Global Retirement Savers Study surveyed more than 7,000 employed adults, or are eligible for, defined contribution or similar workplace plans.