Today, 47 percent of retirees say they either are working or plan to work in retirement, according to research from Merrill Lynch and Age Wave. And 72 percent of people in the 50+ range – i.e. future retirees – say they want to do exactly the same thing.
Why is retirement no longer the end of worklife for so many people? There are two broad reasons: finances and your overall health.
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Today, 70 (and beyond) is the new 50. Retirement is no longer a time to just garden and visit the grandkids. Today's healthier retirees want to stay engaged, stimulated, involved. Work does that. But there's no disputing that in retirement, finances can become a challenge. That was particularly true for people who retired right as the Great Recession ramped up. When retirement can last 30+ years, that's an awfully long time to a) make your money last. Also, as pensions (which provide a lifetime paycheck) have given way to 401(k)s (which you fund yourself), it's more important to keep the income rolling in as well as boost the balance in your retirement accounts.
There are a number of health-related reasons to consider continuing to work.