Chapter Four
Working in
‘Retirement’
The reasons to keep on working go beyond the pocketbook. Here are the top three reasons folks over 65 say they work:
68%
Want to feel useful
and productive
59%
Want to live
independently
57%
Want to have
something to do
I am 77 and run an all-arts camp empowering women with my daughter, 47. I do the jobs that suit me: write letters, deal with prospective staff, help the younger women. The experiences I have gained I am passing on to the younger generation.
— Nancy Goldberg, 77
The Economics of Working Longer
Even if many continue to work because they want to, there are, of course, financial benefits to remaining on the job. As economist Larry Kotlikoff has pointed out in his weekly column, Social Security’s rules encourage you to work for as long as possible. His post How Social Security Pays You to Keep Working Forever was wildly popular.
How Big a Boost Do Working Seniors Give the Economy?
For those of you who do work into older age, then, there are obvious benefits to you. And, it turns out, there are benefits to the economy as well.
A majority—a full 54%—of workers 65 and older say the main reason they continue to work is because they want to.
I think there’s a kind of sweet spot that’s emerging in life that’s a function of the longevity revolution. So when you’re 50 years old, you have the chance to have a whole new chapter and it’s an extraordinary opportunity for individuals to have another chance to do something important.
— Marc Freedman Founder, Encore.org
Reasons for Working by Age Group
Most 65-plus workers say they couldn’t be happier with their job. Less than a third of 16 to 64-year-olds say the same thing. A little over a quarter say their motivation for working is a combination of wanting to and needing to.
A Boom in Entrepreneurship, Self-Employment Among Late Bloomers
Are mature entrepreneurs on the rise? We talked to older workers who decided to pursue their own business dreams later in life.
For Vita Needle, Investment in Older Workers Turns a Profit
The average age of Vita Needle's workers is 74, and that's no accident. The manufacturing company has intentionally hired seniors—a decision that’s been good for the bottom line and benefited older workers who often have a hard time finding a job.
