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Nine to Five, Beyond 65

Research reveals that more and more retirees aren’t actually leaving the workplace.

The idea of retirement may conjure images of leisurely days spent reading, pursuing hobbies and traveling. Today, however, many retirement age Americans are choosing to, well, not really retire at all. According to a U.S. jobs report, over 19% of people 65 or older were working at least part time in the fourth quarter of 2018 – the highest rate of employment for the age group since Social Security benefits began in the 1960s.

So why are so many forgoing a life of leisure? People are living longer than ever – and so must support themselves financially for longer, too. Studies show the opportunity to stay physically and mentally active by working is just as appealing as the paycheck for many who choose to work past retirement age. Instead of being a time to stop working altogether, research suggests that for many retirement has become a chance to pursue an “encore” career, where they can both earn an income and do work they find personally fulfilling. A 2014 study by Encore.org found that 4.5 million people between the ages of 50 and 70 have such a career, often with roles in public service or education.

A 2018 study of working Baby Boomers (ages 54 to 72) further supports these findings around continuing to work later in life: 82% of survey participants expressed positive sentiments about their current jobs, and 72% indicated they would like to “semi-retire” if given flexible work schedules. A fifth of respondents ages 68-72 said they don’t plan to retire at all.

Whether you choose to continue working in your current profession, try something new, or enjoy a retirement filled with the hobbies and people you love most – there are many ways to stay active in your golden years. As your income can affect things like Social Security and Medicare premiums, just be sure to keep your financial advisor up to date as you determine the retirement that works best for you.

Sources: Bloomberg; New York Times; Pew Research Center; Investopedia; FoxBusiness.com; AARP; U.S. News; newretirement.com; Encore.org; Fast Company; Kiplinger; Wall Street Journal; Bureau of Labor Statistics; Express Employment Professionals

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Mitchell Custenborder, CFP®
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