Why So Many Retirees Return to Work
Category: Financial and taxes in retirement
May 15, 2024 — Many people are eager to quit their jobs and enter the ranks of retired. Spending their days golfing, relaxing, fishing, socializing, etc. But for more people than you think, retirement doesn’t stick. Florida NPR has a great podcast that explains how and why some Florida retirees ended up re-entering the workplace, for a variety of reasons. It is definitely worth a 20 minute listen, particularly because it has interviews with real people explaining the circumstances why they went back to work, and the types of jobs they found.
Fastest growing group of workers in Florida – folks over 65!
It doesn’t seem to make sense that so many workers in their 60’s and 70’s are going back to work. In fact it is not unusual to find people over 80 who are working. There are many reasons why. For one, the realities of the world can wreck even the best of dreams. Insurance costs have exploded in many areas of Florida, particularly on the coast. Home Owner Association fees are growing faster than the rate of inflation, usually because of insurance, but also because of higher than expected maintenance costs and other community expenses. Rents and ground leases go up steadily. Cars wear out and need repairs. The cost of everything is going up, particularly since Covid’s disruptions started 4 years ago. The result is that many retirees are finding their income is not coming up to what it takes stay afloat. So in most cases, their only recourse is finding a job.
Comments on "Why So Many Retirees Return to Work"
Bill Bamber says:
Yep; I'm Bored & following "The Wife" around The Supermarket is "Mindless". She tells me directly to get lost; some days it is more direct & adds & "never come back!!"
To me & my weird mind "It is all about Sell-Thru" !! Learned that as a Kid! Because I still feel "Young & Vibrant".
JCarol says:
Many in my circle who are in our 70s and 80s continue part-time employment or consulting because we liked our careers and want to remain connected to that part of our world. Sure, the money is a motivator, but it's not the only one.
Well before COVID brought wide acceptance to working from home, my husband and I began (remotely) consulting for firms we’d worked with for decades. There’s still plenty of time to help our children and grandchildren, see friends, travel, remain physically active, and enjoy other pursuits.
As a vibrant, widowed 80 year old friend who works 4 days a week said just yesterday, "I'd much rather go to work than do what? Hang around the house all day?" Not needing to scrimp financially, she indulges in extras like paying a cleaning person $125 once a fortnight to stay ahead of the housekeeping chores she dislikes.
Jan Cullinane says:
I now live in Florida (have lived in several states) and created my own second career - writing holistic retirement books and giving talks about the non-financial aspects of retirement. It provides mental stimulation, it's fun, it's lucrative, and I meet a lot of fun and interesting people, too.