10 Reasons Many Boomers Are Still Working at Age 65 or Older
Written by
Sean Fisher, AI Editor
Edited by
Sean Fisher
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As Baby Boomers reach what has traditionally been considered retirement age, a significant number are choosing to remain in the workforce. According to a study from Pew Research Center, “Roughly one-in-five Americans ages 65 and older (19%) were employed in 2023 – nearly double the share of those who were working 35 years ago.” While previous generations may have looked forward to a leisurely retirement, many Boomers are redefining this life stage by continuing to work. Here are ten reasons why many Boomers are still working at age 65 or older:
Financial Necessity
One of the primary reasons Boomers continue to work is financial necessity. Rising costs of living, healthcare expenses, and insufficient retirement savings compel many to keep earning an income to maintain their standard of living.
Healthcare Costs
Healthcare expenses have skyrocketed, and many Boomers need to work to afford medical care. Employer-provided health insurance is a crucial benefit that can significantly reduce out-of-pocket healthcare costs.
Longevity
People are living longer, healthier lives, which means they need more money to support themselves over a longer retirement period. Continued employment helps ensure they have enough savings to last through their extended lifespans.
Insufficient Retirement Savings
Many Boomers find themselves with inadequate retirement savings. Whether due to poor financial planning, market downturns, or unexpected expenses, working longer helps them build a more substantial nest egg.
Desire to Stay Active and Engaged
For many, work provides a sense of purpose and daily structure. Staying active and engaged through work can contribute to mental and physical well-being, helping Boomers avoid the isolation and inactivity that sometimes accompany retirement.
Job Satisfaction
Many Boomers enjoy their jobs and find fulfillment in their careers. The satisfaction derived from meaningful work and professional accomplishments can be a powerful incentive to remain in the workforce.
Social Interaction
Work offers valuable social interaction that can be vital for emotional health. The workplace provides a community and a sense of belonging that many retirees miss.
Support for Family Members
Boomers often work to support not just themselves, but also their family members. Whether helping adult children, supporting grandchildren, or caring for aging parents, additional income can be crucial.
Delayed Retirement Benefits
Some Boomers choose to work longer to maximize their Social Security benefits. Delaying retirement can significantly increase the monthly benefits they receive, providing greater financial security in later years.
Enjoyment of Their Work
Finally, many Boomers continue working simply because they love what they do. Whether it’s a passion for teaching, creating, helping others, or running a business, the joy and satisfaction of their work are compelling reasons to stay employed.
Strategies for Boomers Considering Continued Employment:
If you’re a Boomer contemplating working beyond traditional retirement age, here are some strategies to help you make the most of this decision:
- Evaluate Your Financial Situation: Assess your financial needs and retirement savings. Determine how much longer you need to work to achieve your financial goals.
- Consider Health Benefits: Ensure you have adequate health insurance coverage. Working for an employer that provides health benefits can be a significant advantage.
- Explore Flexible Work Options: Look for opportunities that offer flexible hours, part-time work, or remote positions to balance work with other life pursuits.
- Pursue Passion Projects: If possible, transition to a role or industry you are passionate about. Enjoying your work can make a significant difference in your overall satisfaction and well-being.
- Stay Active and Engaged: Maintain a healthy work-life balance. Engage in physical activities, social interactions, and hobbies outside of work to stay active and fulfilled.
By understanding the reasons behind continued employment and implementing these strategies, Boomers can navigate their extended careers effectively and enjoy the benefits of staying in the workforce.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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