The retirement landscape is certainly a-changin’.
Workers who plan to retire in the next five years don’t anticipate getting much “R and R” before they’re back to the grind.
In a survey of employees approaching retirement age, over half (53 percent) think it’s likely they’ll return to work at some point.
Why?
Reasons vary, according to Home Instead, Inc., which funded the study. And responses differ among those who have yet to retire versus the “unretired”—defined as those who have already retired, then subsequently gone back to work.
Overall, the majority of respondents cited money as a top motivator for returning to the workforce.
The next most common reasons among the unretired were fighting boredom (44 percent) and keeping their minds sharp (22 percent).
Meanwhile, employees pending retirement said they’re most likely to go back to find new challenges and to experience a sense of fulfillment.
The majority of those who have already unretired (68 percent) and those who are still working but anticipate doing so (65 percent) said they have changed industries or are planning on it.
To be sure, the need for personal fulfillment resonated with unretirees, too. Almost four in five respondents from both categories have a desire to make an impact in their community post-retirement, whether it be through volunteerism, a caregiving role, teaching or giving back.
“With Boomers blazing the way, full retirement is no longer a point in time. The transition could be a decade or more, and involve shifting gears and working in a different capacity or finding a flexible arrangement, all with more time for family,” Catherine Collinson, CEO of Transamerica Center for Retirement Studies, said in a statement.
Retail sales clerks, bank tellers, online tutoring and caregiving are some of the most popular jobs for older workers seeking flexible working options.
Highlighting one of the positive impacts of unretirement, Collinson added that, with longevity on the rise, maintaining a sense of purpose post-retirement is more crucial than ever before.
According to Home Instead, retirement experts at Transamerica Center for Retirement Studies, RetirementJobs.com and Encore.org offer a wealth of resources for those interested in unretiring, including online tips and materials to help older workers decide how to make the most of their post-retirement years.