Why Work In Retirement?

There are many reasons why people leave the workplace

, only to go back to work in retirement, while others work well into their senior years. Working in retirement or getting an encore career was a popular move for many older workers even before the recession, says a Merrill Lynch survey conducted in 2006.

The survey showed that more than 70% of all participants were expecting to work full-time or part-time at an age when they should be retired. It is not just because they needed the money; more than half of all participants at normal retirement age said they worked because they wanted to. Here are some of the reasons why:

Older workers enjoy being the boss. Recent studies show that the largest profits are made by workers aged 55 and above, with about 33% of all workers choosing self-employment or starting their own businesses, as opposed to working for an employer. Also, some workers say that this setup makes for a less stressful working environment.

Working in retirement can be emotionally satisfying. Those who work at when they should be retired are much happier with their jobs compared to those who are not nearing retirement age. The same Merrill Lynch study showed that older individuals who own their own businesses, worked at their own pace, and held their own hours were more satisfied, overall, than retirees who chose to quit working entirely.

Part-time work is less demanding. There are more people who work part-time rather than full-time in retirement. This allows them to balance the work-life ratio better than younger workers and set aside time for hobbies, travel, and other leisure activities because they have more free time. Also, many of supposed-to-be retirees today are in better shape due to medical advances and the availability of quality healthcare; this permits them to work longer than earlier generations and live an active and fulfilling lifestyle that is leagues away from sitting on a rocking chair on the porch.

Senior workers are becoming a more significant part of the workplace, not just because they need the money to fund retirement, but because of a host of other reasons. The trend is not likely to buckle down anytime soon, as experts say that a shortage of manpower in the workforce is coming in the next several years (although the current job market does not show it); this should give older workers who have retired opportunities to get back into the daily grind and work in retirement.

by: Katherine Smith

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