Pre-Retirees Expect to Return to Work

Fifty-three percent of workers who expect to retire in the next five years also expect to return to work, according to a survey by Home Instead Inc.

To earn additional income was the main reason they plan to get another job, cited by 67%, followed by to fight boredom (44%) and to keep their mind sharp (22%). Sixty-eight percent of those approaching retirement say they plan to work in a different industry, and 65% of retirees who have returned to work say the same.

“Today, more aging men and women are redefining what their next chapter looks like, seeking out new career opportunities that serve their skills, passions and life goals,” says Jeff Huber, Home Instead president and CEO. “We are seeing the desire among seniors for a second career to not just fulfill a monetary need but to be a source of personal fulfillment later in life. In fact, many of our professional caregivers are seniors, themselves.”

Nearly 80% of those nearing retirement or retirees who have returned to work say they would like to make a meaningful impact in their community during their retirement years, such as through volunteering, caregiving, teaching or giving back.

Catherine Collinson, CEO of the Transamerica Center for Retirement Studies, says that, with people living longer, retiring at age 65 is an outdated hallmark.

“With [Baby] Boomers blazing the way, full retirement is no longer a point in time,” Collinson says. “The transition could be a decade or more and involve shifting gears and working in a different capacity.”