Retirees Are Returning To Work for This One Thing — And It’s Not Money
Written by
Josephine Nesbit
Edited by
Sean Fisher
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A recent survey found that half of pre-retired and retired Americans consider delaying or coming out of retirement. Many cited financial factors as a reason, but another reason was because working makes them feel good.
F&G conducted the survey to learn how Americans over 50 think about retirement and whether they’ve considered delaying retirement or returning to the workforce. Half (50%) of pre-retired and retired Americans consider delaying or coming out of retirement, and 44% of retirees or former retirees have returned or consider returning to work.
The reasons pre-retirees and retirees consider working in retirement were notably different.
More pre-retirees worried about having enough money in retirement (52%) and about inflation impacting retirement (51%). On the other hand, retirees said they are considering working in retirement because they enjoy the intellectual challenge and stimulation from working (50%) and want to avoid feeling a lack of purpose (36%).
Additionally, the report revealed that those who have more recently retired are some of the most willing to return to work. Of those aged 60 to 69, 50% are considering returning or have returned to the workforce.
Americans are even working into their late 70s and beyond.
According to data from the Labor Department, 1 in 12 people over 75 were working in the U.S. as of 2022, CBS News reported. By 2032, the Labor Department estimates about 1 in 10 people over 75 will still be working.
Bob Morison, a senior advisor at consultancy Age Wave, told CBS News that older people are often motivated to stay in the workforce because they love their work or want the social interaction from their jobs. Others, such as public officials and business leaders, may choose to work longer in order to contribute to their community or industry.
Older Americans “are, thanks to medical science, living longer than their parents and grandparents, and they’re different in attitude,” Morison said. “They’re aware that they have more years and that there’s a lot of time to fill.”
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