I never thought I’d be returning to full-time work at age 69, but here I am. After retiring from full-time work at age 65, I am going back to my old job starting this week.

Apparently, I am part of a trend. A growing number of retirees are going back to work,. They are doing so for a variety of reasons that may or may not have anything to do with money. According to Indeed Hiring Lab, 3.4 percent of previously retired people are now back in the labor force. While that’s not a high percentage, it is up from previous years. Unlike me, the majority of those formerly retired seniors are seeking part-time jobs, not full time. 

If you are retired and thinking about getting a job, the good news is that there are plenty of jobs available, even if many of them are in lower-wage fields like retail and restaurant jobs. Figures from the U.S. Labor Department show that there are two jobs available for every unemployed person, an abnormally high ratio that is favorable to those seeking work. Given the Great Resignation of people quitting their jobs that occurred during the peak Covid years, many employers may welcome you, regardless of your age. Seniors offer employers experienced, skilled labor. Employers also benefit from hiring part-time, older workers who may not need employee benefits like health insurance. 

Why Retired Seniors Go Back to Work

To a younger person who is dreaming of the day they can retire, it must seem peculiar that seniors who escape the job rat race would want to go back to work. Even as recently as age 60, I don’t think I could yet fully comprehend why people would want to continue working later in life, especially if they had the financial means to retire comfortably. 

Now that I’m older and returning to work myself, I have a different perspective. The reality is that seniors return to the work force for a variety of reasons. Each senior has a unique story. 

In my case, I worked in fundraising and marketing for a wonderful nonprofit that operates a Christian children’s home and a thriving academy (pre-K through high school). Since retiring, I have continued working for this charity on a part-time basis, working primarily from home. Due to new leadership and other personnel changes, there was a need for me to temporarily return to my old job for the school year just starting. Since I believe strongly in the charity’s mission, I agreed to come back. By the way, I first talked it over with my wife and we prayed about it. I would not have accepted the job without my wife’s full support. 

Note: If you wish to check out the charity I work for, its name is Mount Dora Christian Academy & Children’s Home, located in Central Florida. The children’s home’s website is mdchome.org and you can link to the academy’s website from there. Donations are appreciated!

So let’s look at eight of the more common reasons why some retirees are going back to work.

# 1

We’re Healthier and Able to Keep Working

We’re not aging as quickly as our ancestors did, thanks in large part to better nutrition and health care. It’s frequently said today that 60 is the new 50, and there’s data to back up that claim. Given today’s improved health and longer life spans, age 60 is more like mid-life than old age. As a result, many of today’s seniors are still capable of working, at least during the first decade beyond the traditional retirement years of 62 to 65. 

For seniors who keep themselves physically and mentally fit and stay up on current trends in their career field, there is no reason why they cannot continue working if they choose to do so. 

# 2

The Work World Has Changed

The nature of work has changed, making it easier for seniors to keep working. At least for white-collar jobs, age and physical strength aren’t as important. Employees in these fields are hired for their knowledge, skill, and ability to successfully fulfill tasks. Senior adults are well positioned to perform successfully alongside younger employees. 

Further, more employers are willing to hire people on a part-time schedule or to allow workers to work from home. In the current job market, as employers scramble to fill positions, age discrimination in hiring isn’t as much of an issue.

# 3

Boredom and Isolation

When we’re still working, we imagine retirement as like being on vacation all year. We can play golf or fish every day – or whatever else we choose to do. It sounds like true bliss when you’re 40 or 50 and working hard to make ends meet. 

Some retirees do enjoy playing golf (or whatever) every day of the week, and for them, that’s fine. Enjoy every minute of it! For others, reality hits home at some point during the first six to 12 months after retirement. They are bored and unfulfilled. For 40 years, their careers helped define them and gave them purpose. Now retired, these seniors may no longer have a strong sense of purpose. They may be bored. They may miss being around people in a work environment. 

For retirees in this situation, going back to work isn’t primarily about the money. Sure, the extra money will help, but the chief motivation for returning to a job is to relieve the boredom and isolation, and to provide a purpose for getting up every day.

This isn’t a new phenomenon. A generation ago, my dad worked a federal civil service job and was able to take full retirement at age 57. He and my mom moved to Florida, ready to enjoy the good life. For dad, it only took a year for the boredom to hit. Before I knew it, he was working again and much happier. He continued to work until stricken with cancer at age 69. 

# 4

Inadequate Retirement Savings

Sadly, many baby boomers are finding they didn’t save enough to make retirement possible. For those who waited until age 50 or later to get serious about saving for retirement, the math was stacked against them. It is very hard to save enough and experience significant portfolio growth if you wait too late to start saving. 

It’s not always the person’s fault if they fall short in retirement savings. Life happens, and it isn’t always fair. Unexpected large medical bills can drain a person’s finances at any age. Disabilities can keep a person from being able to earn enough money to save sufficiently for their future. Divorce and abandonment can cause significant financial setbacks. A once-promising business can fail. Others failed to save because they were a single parent or earned low wages and struggled to make ends meet during their working years. Putting aside money for retirement savings wasn’t an option for them.

For those with inadequate retirement savings, the harsh reality is that they will have to continue working, probably for as long as their health permits. 

# 5

Extra Income Never Hurts, Especially with High Inflation

Regardless of how much you saved for retirement, or how much income you earned while working full time, once you reach retirement age you may find you are only scraping by financially and unable to fully enjoy your dreams of extra travel or pursuing hobbies. For Kathy and me, traveling during our senior years is a priority. We’ve been shocked by how expensive travel can be and have had to scale back our travel wish list.

Extra income from a post-retirement job can mean having the money to enjoy retirement more and do more of the things you most enjoy.

In the current economic climate, retirees are also being hit hard by high inflation, with necessities such as gas, food, and utilities costing much more than expected. A slumping stock market has also made some seniors feel less secure about their financial prospects. 

Unless you are quite wealthy, odds are good that you would welcome the extra income a post-retirement job can provide. 

Years ago, your financial adviser may have told you that when you retire you could live on less money than before. A commonly used figure in the past was that you would only need 70 to 80 percent of your pre-retirement income once you retire. This may be true for some seniors, especially older ones who are no longer as active, but it is not the case for most recent retirees. When you retire in your 60s and are in good health, you don’t want to reduce your lifestyle. You still want to enjoy meals out and the niceties of life. You want to travel and indulge in your favorite hobbies. 

Rather than being able to live on less money than before, some retirees find that in the first decade after retirement their need for money stays the same or goes up. A job can help fill that income gap. 

Whatever your reasons, the extra money from a part-time retirement job can make life better for most retirees. 

# 6

Retiring Wasn’t Your Choice

We all think we’re in control of when we will retire, but that’s not always how it works. A significant number of older workers get laid off before they were ready to retire. For instance, you may have planned to work until age 66, but your employer terminates you at age 63. Even if you don’t earn as much as you did previously, odds are good you will need to find another job after a forced, premature retirement. 

# 7

You Want to Delay Social Security

Whether it’s wise or not, the majority of seniors still start drawing Social Security retirement income as early as possible at age 62. Financial advisors say that for most senior adults it makes more sense to delay the start date in order to draw a higher Social Security check later. Working a part-time job can help seniors postpone starting Social Security until their full retirement age (typically 66 to 67 for the current generation of retirees). It may even make sense to delay starting Social Security as late as age 70. 

Why wait? Seniors can earn substantially more money each month for the rest of their lives if they delay starting Social Security until either their full retirement age or age 70. With seniors living longer than ever, delaying Social Security so you can receive more money per month later can be a smart move.

This is exactly what I have done. I retired from full-time work at age 65 but don’t plan to start receiving Social Security benefits until I turn 70. The extra income I have received by working part-time during retirement has made it possible for me to delay Social Security. When I turn 70 and start Social Security, my monthly check will be about 40 percent higher than if I had started at age 65. Not only will I receive more money each month from Social Security, but if I pass away first, my wife will receive this higher income from Social Security for the rest of her life. 

# 8

Qualifying for Employer-Sponsored Health Insurance

Yet another reason why some seniors may either want to continue working until age 65 or go back to work if they retired earlier than age 65 is due to the need for health insurance. Once you turn 65, most Americans enroll in the government-sponsored Medicare health insurance program. If you retire earlier than age 65, you will find it extremely expensive to purchase private health insurance, especially if you have serious health conditions. Going back to work may mean you can join an employer-sponsored group insurance plan. Even if this isn’t possible, going back to work may generate the extra income you need to pay for private insurance. 

It’s OK to Go Back to Work — or Not

There is no “right” way to spend your senior years. Whether you choose to work or not is a personal choice. As you can see, there are a variety of reasons why some seniors choose to keep working. For many, a compromise is to work a part-time or seasonal job. Others find purpose and fulfillment doing volunteer or church work.

If your financial situation dictates that you must keep working, take comfort in knowing that many of your peers who have retired don’t find it the utopia they expected. You may actually be happier continuing to work.

Whatever you choose to do, it’s OK. Follow your own dream and whatever makes you the happiest.

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