The Reasons Seniors Work Past Retirement Age
October 9, 2019
While most of us expect to be fully retired at some point in our 60’s, many continue to work well past the official retirement age. A new survey from Provision Living looked at the reason many seniors continue to work, either full-time or part-time. As one would expect, the primary reason, for 60 percent of working seniors, was financial.
The most common reason given was “I can’t afford retirement.” The study found that working seniors an average of $133,108 saved for retirement. Clearly this is not enough for the respondents. Even those who felt they had enough saved continued to work due to other obligations. The second most common reason given for working was to provide for family. Paying off debt was also a commonly cited reason for continuing to work.
Another common reason for continuing to work is to maintain benefits. With the cost of healthcare many seniors face, they are opting to continue working so that they can keep their employer’s health insurance.