Overview of Working in Retirement

For many, retirement will in fact no longer mean the end of working. Instead, it will usher in a career and lifestyle transition, presenting multiple options. Working in retirement means different things to different people. Our old definitions of retirement no longer apply. 

Consider these facts: 

• One in five workers 50 and older has a retirement job today; 75% of workers aged 50 and older expect to have retirement jobs in the future. 
• Baby boomers are reaching the age of 60 at the rate of one every seven seconds. Many of these individuals will be searching for something beyond a leisurely retirement. 
• Research has shown that the majority of working retirees report working full-time and wanting to work the same or more hours as in their pre-retirement years. Moreover, they are, on average, highly satisfied and engaged in their work. 

People work in retirement for a variety of reasons, including the opportunity to earn more money for a comfortable retirement and because they would be bored if they weren't working. This begs the question: Why do those working in retirement retire in the first place? 

Why retire? 
Not surprisingly, studies point to a variety of factors, including: 

• Job "burnout" or health issues that make one's initial career impossible or undesirable to continue 
• Employer "push out"—layoffs or buyouts 
• The desire to pursue other interests or life goals while one is still healthy 
• The demands of caregiving to parents, spouses or grandchildren 

Why work? 
The majority do so for financial reasons—to be more economically comfortable or because their income from other sources would simply not be enough to live on. But a significant number report that they'd just be bored or feel unproductive or not useful if they were not working. They want to interact with people and stay physically and mentally active. In short, they enjoy working. In fact, a great many have no plans to leave the workforce entirely in the near future—or at all, if their health will allow it. 
 

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