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Why Are Retirees Returning to Work?

Why Are Retirees Returning to Work?

Why are so many of our nation’s retirees returning to work? If you’ve wondered what’s behind this trend, the answer is more complicated than you might think. Estimates show almost one in five adults over the age of sixty-five is employed. These adults have either delayed retirement or returned to work.

Researchers believe this trend will not just continue, but grow. While it’s easy to assume finances are the reason so many people of retirement age are still employed, older adults say there’s more to this lifestyle choice.

Reasons Seniors Continue to Work

Here are a few of the most common motivations behind a senior’s decision to stay employed:

  1. Avoid economic uncertainty: Financial fears are a leading reason seniors aren’t hanging up their briefcases. With stock market uncertainties, soaring health care prices, and fluctuating residential home prices, some older adults worry they will outlive their savings. Working, even on a consulting or part-time basis, gives them peace of mind.
  2. Launch a business: Another reason an older adult works when they could be enjoying retirement is because they started their own business. They may have put off their entrepreneurial dreams in exchange for a financially stable career while they raised a family. Retirement is finally their time to pursue this dream.
  3. Live a meaningful life: Sometimes a senior will retire from their lifelong career, kick back, and enjoy themselves. They finally have freedom to travel, reconnect with old passions, and pursue new hobbies. After a few years, however, they may become restless and bored. The desire to live meaningfully may lead them to work with a nonprofit agency. While the income is usually appreciated, the sense of purpose matters most.
  4. Help support loved ones: Another trend that keeps older adults working is helping support family members, especially grandchildren. Nearly 2.6 million adults are raising their grandkids, nearly double the rate from past decades. The expenses this creates, including food, clothing, and education, may force a senior to remain in the workforce much longer than they intended.

Whatever the reason an older adult has for continuing to work, there is another benefit to consider. Research shows seniors who work longer live longer.

Senior Volunteers Enjoy Better Quality of Life

Another way to live your best life during retirement is volunteering. Sharing your time and talent with others has proven health benefits for older adults. They range from lower rates of depression to decreased risk for illnesses like heart disease and obesity. Read Stay Young at Heart by Volunteering After Retirement to learn more.

If you have questions about senior living or would like to schedule a private tour of a Five Star Senior Living community, please contact us today. One of our experienced team members will be happy to help!

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