Overview of Working in Retirement
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Overview of Working in Retirement
For many folks, 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—retirement has been redefined.
Things To Know
- Retirement has been redefined.
- Most of those who work in retirement do so for financial reasons.
Consider these facts:
- According to the U.S. Census Bureau’s population projections, 10,000 Baby Boomers will turn 65 every day until 2030. Many of these folks may be searching for something beyond a leisurely retirement.
- According to the Bureau of Labor Statistics, 40% of people ages 55 to 74 are still working, and 9% of people 75 and older are still working.
- The same study also showed that over half of retirees say they either have worked or plan to work during their retirement years.
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 enough to do so
- The demands of caregiving to parents, spouses or grandchildren
Why work?
As to why people are working in retirement, 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 folks have no plans to leave the workforce entirely in the near future—or at all, if their health will allow it.