It would seem a contradiction in terms, but AARP’s latest study on work and career shows that many older workers are interested in working into retirement, with a focus on flexible work arrangement such as part time work and consulting.
In total, more than one-third of working Americans age 50-64 (37%) anticipate working for pay post retirement from their current career. Among those who will seek employment post retirement, almost half (44%) will be looking to work in new fields of interest; 23% will stay in the same field, and 33% are undecided.
Regardless of the field, respondents are hoping to work part-time (73%), with over half expecting to work for someone else (57%) vs. being a contractor (21%) or starting their own business (19%).
Additional findings:
- Training is a key need for those who plan to work in retirement. Among those who plan to enter a new field, training is seen as even more important to success (46% vs. 36% among those staying in the same field).
- Personal contacts and job listings are the primary avenues respondents plan to use to find post-retirement work (49% AND 43%, respectively). Professional networking is also a popular way people plan to find work.
- When asked about their dream job, many respondents talk about a profession, for others it is about a particular type of working lifestyle.
- The majority of respondents surveyed plan to retire at or after age 65 (45% plan to retire between age 65-69 and 23% plan to retire after 70).
- When asked about what they enjoyed most about their current career, top mentions included income, benefits, and the schedule/work-life balance.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
