More Americans Choosing to Work After Retirement

More Americans are choosing to work into retirement and that might not necessarily be a bad thing.

According to a survey conducted by Harris Poll for TD Ameritrade, one in three Americans who are at least 40 have or plan to have a job in retirement to prepare for a longer life due to a variety of factors. However, in what could be the most interesting part of the survey, more than half of those who said they plan on working in retirement or going back to work after retiring, would choose to do so even if they had enough money to settle down.

“It’s no surprise to us that people are working longer. Our clients tell us that it keeps them healthy and active, which impacts their quality of life,” said Kelly McLean Rindock, CFP®, CLTC First Vice President, Wealth Management, Branch Manager for Steel Valley Investment Group of Raymond James. “Many are moving to a part time role, consulting, or to be part of the gig economy such as rideshare drivers. Living a long life in the manner in which most people would prefer takes financial resources.”

One of the reasons for this trend of “unretiring” can probably be attributed to Americans living longer and working longer. According to a recent USA Today Article, the percentage of retirement-age people in the labor force has doubled over the past three decades and about 20% of people 65 and older were in the workforce in February, up from an all-time low of 10% in January 1985, according to money manager United Income.

“Many older Americans are using the extra funds to be more frivolous, travel, shop or just enjoy their younger retirement years,” McLean Rindock said. “We also see a big shift into volunteering as work to still give back, remain active and fill their time. I suspect this is a trend that will continue and it’s one that we talk about often in our financial planning meetings.”

Since the idea of retirement may be changing, the planning for that retirement is also something that needs to be looked at. A financial planner can help you identify your goals, even if they have changed recently.

What does retirement look like to you? How will you spend your time? And what do you need to do today to get where you want to be.


Any opinions are those of Steel Valley Investment Group and not necessarily those of RJA or Raymond James.

The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation.