Retirees Move to Part-Time Work
As retirees envision their golden years, many are realizing that traditional paths don’t necessarily align with their visualization. Rather than spending the next decades away from work, others are choosing to lean into it.
A new survey from Indeed Flex, an online marketplace for temporary work, found that 30% of retirees are either working or open to “temporary or flexible” jobs, with a majority preferring a role than requires fewer than 20 hours a week.
The study highlights new trends that redefines retirement lifestyles. According to the survey, 74% of respondents say their view of retirement has changed within the past five years, while 31% believe it has “changed significantly.” Rather than permanently leaving the workforce, respondents are choosing a more fluid lifestyle that breaks traditional norms, Indeed Flex reports.
Further, over half (52%) say they’ve missed social interactions at work, while 39% miss feeling productive.
“Retirement today is far more dynamic than in previous generations,” said Novo Constare, CEO of Indeed Flex. “Many retirees are not looking to return to traditional full-time roles. They are seeking flexible opportunities that provide supplemental income, social connection and a renewed sense of purpose. Flexible work is increasingly filling that gap.”
Many are joining the workforce again to afford day-to-day costs. Close to two-thirds of respondents listed the increased cost of living as their primary reason for returning to work, and 32% describe their savings as “insufficient” for retirement. Women were particularly likelier to rank cost of living as a primary driver as their reason, at 69% compared to 53% of men.
Others say their decision to return to work is for both financial and personal reasons, with 46% who said it was financially necessary and a personal choice to go back.
When asked about the top reasons to head back to work, retail was the top choice (33%), followed by freelance or consulting roles (30%), hospitality (23%), and driver or delivery opportunities (20%).
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.