Retirees Consider Returning to Work

Affluent retirees are the most likely to re-enter the job market

By SHARE

When many people retire, they don’t plan to give up work forever. Some people who leave the workforce plan to accept a new job if the correct opportunity arises. A new Longevity Alliance and Harris Interactive poll released today found that 43 percent of retirees seriously considered the possibility of going back to work when they first retired.

The primary reasons retirees gave for possibly returning to work were changes in personal finances (42 percent), an increase in healthcare expenses (29 percent), and an acknowledgement that their lifespan could be longer than they initially prepared for (22 percent). Yet, only 16 percent of the retirees say they plan to work again in the near term, according to the admittedly small survey of 388 retirees.

“People understand that situations change and they are often open to going back to work,” says Steve Zaleznick, CEO of the Longevity Alliance. “They should keep their eyes out for opportunities they might consider for either personal enjoyment and/or to respond to retirement income and health expense financing concerns.”

Interestingly, relatively wealthy retirees who are bringing in over $75,000 annually were the most likely to be considering re-entering the job market. About 56 percent of the affluent retirees considered returning to work when the first retired and 24 percent say they may return to work again soon. Retirees with children still living at home and those who attended college were also more likely to be contemplating a return to the workforce.

For more information, see:

  • Laid Off Baby Boomers Seek Entry-Level Jobs
  • Internships for Elders
  • Career Changers After Age 50 Are Permanently Worse Off