Financial reasons are a major one; it’s hard to be financially sound at 65, but things like well-being, sense of accomplishment and better health all play into working longer as well.
Finances Dictating the Agenda
According to an article in US News, The proportion of people age 65 and older in the workforce grew to 16.1 percent by 2010, up from 12.1 percent in 1990, according to a recent Census Bureau report. And the percentage of people between ages 65 and 69 who are working grew 9 percentage points to 30.8 percent in 2010. These numbers are expected to further increase as baby boomers continue to reach retirement age. A recent Conference Board survey found that 62 percent of people ages 45 to 60 plan to delay retirement, up from 42 percent in 2010.
Because people are healthier and living longer, they are able to work past the age of 65. They also need the income more than they used to because they are living longer.
With the recession, many people lost money in their retirement, so by working longer, they are able to make it up. Quite simply, many people just don’t have the money anymore to retire at 65 and live comfortably.
Accomplishments Later in Life
Working into your retirement also provides a sense of accomplishment, as expressed in the piece “4 Big Surprises About Working in Retirement (Some Good & Some Bad).”
Many people have a hard time when it comes to leaving a job; they’re not quite sure what to do. By continuing to work, they have that sense of purpose. Also, all those great retirement hobbies, like travel and golf, take money.
By continuing to work, there is more money to experience these things. Some people choose to keep working their current job past retirement age. They enjoy it, they know it, and are healthy enough to stay at it.
Other people choose to make a career change and take on something they’ve always wanted to do, maybe something with a little less pressure, like give music lessons or work in a garden store.
This provides an opportunity to continue to make money while doing something you love. Often employers want to hire seniors, as they usually have a good work ethic and are reliable. Those over the age of 65 bring great life experience and add a nice dynamic to a work place.
Just like many other aspects of our society, retirement is taking a whole new turn from what it once was.
About the Author: Heather Legg is an independent writer who covers topics related to social media, working from home and health and well-being.