More and more Americans are spending their golden years on the job. Almost 19 percent of people 65 or older were working at least part-time in the second quarter of 2017, according to a recent U.S. jobs report. Bloomberg reported:
Certainly baby boomers are increasingly ignoring the traditional retirement age of 65. Last quarter, 32 percent of Americans 65 to 69 were employed. Even past age 70, a growing number of seniors are declining to, or unable to, retire. Last quarter, 19 percent of 70- to 74-year-olds were working, up from 11 percent in 1994.
Older Americans are working more even as those under 65 are working less, a trend that the Bureau of Labor Statistics expects to continue. By 2024, 36 percent of 65- to 69-year-olds will be active participants in the labor market, the BLS says. That’s up from just 22 percent in 1994.
A number of factors are keeping older Americans in the workforce. Many are healthier and living longer than previous generations. Some decide not to fully retire because they enjoy their jobs or just want to stay active and alert.
Others need the money. The longer you work, the easier it is to afford a comfortable retirement.
I retired at 60 a couple of years ago but by working a couple of days a week doing consulting type work I’m paying all of my families expenses and not having to touch our savings. I don’t need the income but I like being active, traveling on an expense account and keeping my mind challenged with very complex problem solving. It wouldn’t surprise me if I kept doing this kind of light part time work for another decade, or longer, as long as it keeps being fun. I carefully planned out building the skill sets I could market for a six figure part time income and so far it has worked out extremely well. I’m working slightly less and making more than I originally expected and have had some really intriguing projects thus far. I think the key is to figure out a marketable niche for yourself and to perfect the skills necessary well before you retire. I started preparing for my second part time set of careers decades ago and that made the transition pretty easy.
Good job on having a well-thought-out plan and intelligently execute on your plan. That’s a good advice there, Steveark: “The key is to figure out a marketable niche for yourself and to perfect the skills necessary well before you retire.” I know one person that has reached financial independence (FI) and only works three months in a year. His income from those months is enough to cover the expense for the entire year without having to touch the retirement/investment accounts.