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 401(k) Specialist and 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. Experienced financial services content executive specializing in creative new media delivery. He joined the American Retirement Association in 2023 as Chief Content Officer, overseeing communications for the organization, as well as its sister organizations.
