Financial Needs Top Reason Older Workers Employed or Looking for Work

More than one in 10 older workers (defined by the AARP as those ages 45 and older) (13%) report that they are retired but working or looking for work.

Older workers may receive retirement income of some sort but are still working or looking for work. Thirteen percent report receiving Social Security, 8% report receiving a pension from an employer and 3% report receiving benefits from a 401(k) or 403(b) plan.

“Need the money” (87%) and “to save more for retirement” (84%) are the most commonly selected reasons older workers are working or looking for work. When asked for the most important reason for working, 42% of AARP study respondents selected “need the money,” and 10% chose “to save more for retirement.” Nine percent indicated they needed to maintain employer-sponsored health insurance.

Eleven percent of older workers say they will never retire, and 30% say they will exit the workforce and not work for pay at all during retirement. The rest report they expect to work either part-time or full-time in retirement.

Most commonly, older workers who plan to work in retirement say they plan to do so to stay mentally active (91% say it is very or somewhat important) and for extra money to buy things they want (87%).

Fifteen percent say they have health problems that could limit work in retirement, while 85% do not.

The complete report, which also includes information about older worker job experiences and experiences with age discrimination, is here.