Most dictionaries define ‘retirement’ as being the point that a person gives up their active working life. But as years tick by, how many people will that word actually define?
As we reach old age, certain things become more likely, and in the past that included giving up work and perhaps taking things a little easier, but successive studies and surveys reveal that that’s becoming less common.
The latest to highlight the new reality of whatever retirement should be called, is a report from staffing platform Indeed Flex which found that 88% of Baby Boomers are still working. That includes those in the 59-65 age group who would likely still be working historically anyway.
But for those aged 66-77 years old, who might have spent a lifetime expecting to have stopped working by then, things are not the same as they have been for previous generations of older Americans.
Not all of those who are working into their 70s are forced to, and many are working part-time or in a temporary role, but more than one third of respondents said they were not sure they could retire this year due to the economic environment and high cost of living.
Tariffs are the latest risk for retirees, adding to inflation, concern about relying on Social Security and pensions, and other challenges for those in their later years. The potential impact of tariffs on personal investment portfolios and retirement funds are adding to worries about having enough money to maintain a desired standing of living or even having enough money at all.
When considering what work they would prefer to do in their so-called retirement years, 83% of respondents said something temporary and perhaps in retail, hospitality, or business support.
More than half said they would prefer to work 10-20 hours a week, 27% would prefer 20+ and just 14% want a maximum of 10 hours.
"As the aging population heads into retirement age, many do not have enough money saved to live financially secure, said Novo Constare, CEO and co-founder of Indeed Flex. "Boomers are facing long-term care costs, obstacles in saving, or possible investing challenges; temporary work is a good bridge to make ends meet.”
The firm highlights the benefits to businesses of employing older people such as experience, strong work ethics, and knowledge that benefit businesses needing to fill positions. In a multigenerational workforce, their reliability and problem-solving skills make them an asset.
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