Have you ever considered what continuing to work after retirement might look like for you or your loved ones?

Navigating the changing landscape of aging and retirement, many seniors remain in the workforce beyond the traditional retirement age — some by choice, others out of necessity. This phenomenon is reshaping our ideas about aging and the role of work in our lives.

“Nationwide, over one in five (21%) of seniors aged 65 and over are still participating in the workforce, which is more than 11.8 million people.”

Working past the traditional retirement age isn’t just a trend but a significant societal shift. Approximately 4.1 million Americans will reach 65 this year and every year through 2027. It represents the most important surge of retirement-age Americans in history, an actual phenomenon we can observe and measure.

According to the U.S. Bureau of Labor Statistics, the workforce participation rate among adults 65-74 is expected to grow from 25.8% to 30.7% by 2031.

Let’s explore the reasons behind this shift and the broader implications for seniors, their families, and communities.

Reasons Seniors Are Working Past Retirement

While retirement typically conjures images of R&R, a carefree existence, travel, and doing all the things we’ve always wanted to do but didn’t have time, the reality for many seniors today is quite different.

Many older adults are extending their careers well beyond traditional retirement age. What drives this decision? Is it the lure of a continued profession, the desire to stay engaged, the financial necessity, or a combination of factors?

While it’s not easy to pinpoint and answer, seniors keep working for various reasons, from financial needs to the personal satisfaction that work can provide in their later years.

• Retirement security has become less attainable, thanks to decades of stagnant wages, recessions, an intense few years of high inflation, and the disappearance of pensions.
• Around the world, as people live longer — and face future shortfalls in government retirement funds — the age at which people get full retirement benefits keeps increasing.
• Changes in the Social Security law pushed many to continue working past 65 to get their full retirement benefits.
• Technology has made some jobs in some industries physically more accessible—you can even work from home.
• People live longer and are healthier in old age.

Some people 65 and older find their work enjoyable, purposeful, and fulfilling. They may feel passionate about their field and appreciate the structure and routine that come with work, and some may worry they would be bored if they retired altogether.

As you can see, the reasons why seniors are working past retirement age are varied and nuanced.

Some seniors choose to keep working because they enjoy the stimulation and purpose a job provides. Others find that a phased retirement, with gradually reduced hours or responsibilities, is an excellent way to ease into retirement. Still, others need to keep working to make ends meet.

The Phenomenon of Working Past Retirement

The traditional notion of retirement at a specific age isn’t fixed any longer, and an increasing number of people are choosing to work past the conventional retirement age.

This phenomenon, with terms like “unretiring,” “extended careers,” “bridge jobs’, and “semi-retirement,” is gaining momentum and has significant social and economic consequences.

The American workforce is older because Americans are older. The post-World War II babies are now in their 60s and 70s. By 2030, the number of seniors 65 and older will surpass 70 million. This shift in demographics is unprecedented and the new reality globally. The number of people aged 65 years or older worldwide is projected to more than double, rising from 761 million in 2021 to 1.6 billion in 2050.

The number of people aged 80 years or older is growing even faster. Population aging is an irreversible global trend. It is the inevitable result of the demographic transition – the trend towards longer lives and smaller families.

The rise in extended working lives raises several questions. Does this trend offer a solution to economic challenges or create new ones? How can workplaces be adapted to accommodate older workers better?

Another important consideration is how we support seniors who work while aging in place. These are just some of the considerations as families, businesses, and society grapple with the phenomenon of working past retirement age.

A Final Thought

The evolving landscape of retirement presents opportunities and challenges for all involved, from seniors and their families to businesses. For seniors who work past the traditional retirement age, navigating this new normal requires careful planning.

National aging services and local aging-in-place non-profit organizations can be valuable resources for working seniors and their families. They offer various services to help seniors maintain their independence and safety in their homes, making it easier to continue working while aging gracefully.

Contact DuPage Senior Citizens Council or similar organizations in your community that are making a real difference to find out how you can benefit from our services or contribute with volunteering, advocacy, or donations.