For many people, work is simply a means to afford to live, but for others it provides a purpose, a social network, a framework for everyday life – and that’s hard to give up for good.
With longer life expectancy, the idea of retiring at 65 or earlier may be out of step with what today’s retirees need, either financially — given the risk of a financial vortex — or emotionally; retirement can last several decades.
A growing trend for "unretirement" is gathering pace as millions of American retirees consider going back to work for financial or other reasons. For advisors, recognizing this and offering additional advice as part of a holistic approach to retirement planning solutions could prove beneficial.
T. Rowe Price published a report this week showing that 20% of people surveyed already work at least part-time, while another 7% are looking for work opportunities. They are almost evenly split between those who need to work to boost their finances (48%) and those who do so for social or emotional benefits (43%).
Women and single retirees are more likely than men or married couples to cite income as the primary motivator. Men were more likely to cite social connections as motivation to work.
The report highlights that continuing to work or returning to the workforce does not necessarily mean sticking with a previous role or industry.
While millions of retirees have experience in their industries and may wish to leverage that, many take the opportunity of semi-retirement to follow a vocation or passion, while others may seek remote work, part-time jobs, or flexible arrangements that allow them to enjoy the dual benefits of retirement and work.
"Many retirees either choose to work or need work to be included in their retirement lifestyle," said Judith Ward, a thought leadership director at T. Rowe Price. "The decision can have many powerful positive effects, not least of which is financial well-being."
This research tallies with another recent report from F&G that found that a third of those still working in retirement, or planning to do so, felt that giving up completely would mean a lack of purpose.
Summit Financial unveiled a suite of eight new tools, including AI lead gen and digital marketing software, while MassMutual forges a new partnership with Orion.
A new analysis shows the number of actions plummeting over a six-month period, potentially due to changing priorities and staffing reductions at the agency.
The strategic merger of equals with the $27 billion RIA firm in Los Angeles marks what could be the largest unification of the summer 2025 M&A season.
Report highlights lack of options for those faced with emergency expenses.
However, Raymond James has had success recruiting Commonwealth advisors.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
