More older Americans are “unretiring”

An older American couple is working from home. He, with grey hair and glasses, is focused on typing on a laptop at a cluttered desk, while she, also grey-haired, is busy reading documents and jotting down notes. Both are dressed casually and exude concentration. The backdrop reveals a cosy home office with bookshelves, a potted plant, and a window letting in ample daylight.

This article by Jullian Harding was recently featured on the CBS website. It offers several insights into why some older Americans are re-entering the workforce after retiring.

A significant number of older Americans are choosing to rejoin the workforce, a movement some refer to as “unretiring.”

The primary motivation for seniors heading back to work is predictable—financial need, as noted in a survey by senior care provider Home Instead, which gathered responses from over 1,000 “unretired” individuals and those approaching retirement in the U.S. and Canada. However, combating boredom was the second most cited reason, with 44% of respondents mentioning it as their push to return to work.

This trend partly highlights the broad gap in Americans’ retirement savings. A report by the Transamerica Center for Retirement Studies indicates that the median retirement savings among workers is just $71,000, much less than the amount experts recommend for a comfortable retirement. Only 30% of individuals have saved $250,000 or more. Furthermore, the number of older Americans filing for bankruptcy has increased five-fold since 1991.

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