Tom Brady. Barbra Streisand. Ozzy Osbourne. David Letterman. These famous people all retired and thought better of it. And they’re not alone in “unretiring.”
According to a recent AARP study, 1.7 million Americans who retired a year earlier have returned to the workforce. That’s more than 3% of retirees.
Should you join them? Here are a few reasons you might want to consider it.
Boost Your Retirement Savings
A full-time or even a part-time job can help boost your retirement funds, allowing you to protect your savings and maintain a comfortable lifestyle.
Be More Social
When you’re retired, it’s easy to get isolated. Daily interactions with co-workers can lift your spirits, expand your social circle and give you a built-in support system.
Take Advantage of Remote Work
Was one of the reasons you retired from your job a long commute through wall-to-wall traffic? Was your salary being drained on gas, work clothing and lunches out? Many companies who offered remote employment when the pandemic hit have continued it, or switched to hybrid hours. Making that commute a couple days a week — or not at all — can reduce your stress, boost your happiness and make your paycheck go further.
Fight Off Boredom
Everyone dreams of endless time in retirement, but it can be really hard to fill the days with purpose. And boredom can negatively impact your mental health, contributing to listlessness, depression and binging on food or gambling. Although 27% of retired job seekers are re-entering the workforce for financial reasons, the majority are coming back to give their days more structure. In one survey, 60% of retirees returning to work said that they are primarily “looking for something to do.”
Leverage a Tight Job Market
Want to work part-time? Enjoy flexible hours and have work-life balance? Have your choice of jobs? With rampant labor shortages that began with the Great Resignation of COVID-19, it’s the perfect time to lend your hard-won skills to a new position. The vacancies in the job market can lead to higher salaries and incentives. And discrimination against older workers is lessening as employers welcome this overlooked talent pool.
Keep Your Brain Strong
According to one study, people who stay in the workforce lower their risk of developing Alzheimer’s disease or other types of dementia. The thinking and problem-solving you do at work, along with the social interaction, can help keep you mentally sharp.
Working can actually help you live longer. A study at Oregon State University found that healthy adults who retired one year past age 65 had an 11 percent lower risk of death from all causes, even when taking into account demographic, lifestyle and health issues.
If you do decide to go back to work, you’re in good company. According to research by United Income, around 20% of employees in retirement age are still in the workforce.
This is a personal decision — and it’s not all or nothing. With today’s flexible job environment, you can create your own version of retirement (or unretirement), whatever that may be.
Ingleside’s Life Plan Communities in the Washington metropolitan area are committed to engaged living, giving residents access to a complete continuum of care as their needs change over time. Contact us to find out more and schedule a visit today.