Executive Quiz: Executives Delay Retirement Plans

The reality of deflated retirement savings accounts may be causing global executives to re-evaluate how long they stay in the workforce. A spring 2009 Executive Quiz released by The Korn/Ferry Institute reveals that a majority – 52 percent – of executives plan to retire at age 64 or higher, a jump of eight percent compared with results collected in 2004 when Korn/Ferry last surveyed executives about retirement plans.

Regardless of retirement age, the survey results reveal that the majority (63 percent) of executives are planning to work later in life than they expected just three years ago. Only 25 percent of executive respondents have not changed their retirement expectations recently. When asked if their company provides adequate retirement benefits, 53 percent of executives said no, 39 percent said yes and a surprising eight percent said they were not sure of their company’s retirement program.

Methodology

The Korn/Ferry International Executive Quiz is based on a global survey of executives registered within the firm’s online Executive Center, ekornferry.com. Respondents from 70 countries, representing a wide spectrum of industries and functional areas, participated in the most recent Executive Quiz in April and May 2009.