Libby Wells, a writer for Bankrate.com, discusses the growing trend of older Americans choosing to work beyond traditional retirement age. According to projections by the U.S. Bureau of Labor Statistics, by 2033, about 30% of Americans ages 65 to 74 are expected to still be in the labor force, while 10% of people ages 75 and older are expected to still be working. This shift in the workforce is driven by various factors, including financial concerns, the need for health insurance, and a desire to stay active and socially connected.
A study by the Transamerica Center for Retirement Studies found that 57% of workers across all generations plan to work in retirement either full-time or part-time. Many retirees are worried about the future of Social Security and may not have saved enough in retirement plans like a 401(k) or Roth IRA. As a result, they are choosing to continue working to supplement their income and ensure financial stability in their later years.
However, financial reasons are not the only motivation for retirees to keep working. Some retirees enjoy the sense of purpose and social connection that comes with a job. Others may need the group health insurance benefits that come with employment. Renée Ward, founder of Seniors4Hire.org, notes that the pandemic has opened up legitimate work-at-home opportunities for older workers, who are often more tech-savvy than they are given credit for.
Before embarking on a job search, retirees are advised to define their desired work schedule, level of responsibility, and income goals. It is important to narrow down their focus and target specific job opportunities that align with their skills and interests. Libby Wells provides a list of 15 part-time job options for retirees, many of which offer remote or work-from-home opportunities.
These job options include teaching or tutoring, consulting or freelancing, customer service roles, phased retirement in previous professional positions, research opportunities, government jobs, monetizing skills and hobbies, selling expertise online, pet sitting or house sitting, translation or interpretation work, usher or museum guide positions, courier or delivery services, direct sales opportunities, temporary work through staffing agencies, and medical billing or coding specialist roles.
Overall, the trend of older Americans choosing to work longer reflects a shift in traditional retirement norms. With the right approach and a clear understanding of their goals, retirees can find fulfilling and financially rewarding opportunities to continue working well into their later years.
