More older Americans are “unretiring”
This article written by Jullian Harding recently appeared on the CBS website. It gives us several explanations on why some older Americans are coming out of retirement
Many older Americans who have retired from their previous jobs are returning to the workforce, a process some are calling “unretiring.”
The main reason for seniors choosing to return to work is unsurprising–money, according to a survey commissioned by senior care provider Home Instead that drew responses from more than than 1,000 “unretired” people, as well as those nearing retirement, in the U.S. and Canada. But the second-most common reason was fighting boredom, with 44 percent of respondents citing it as the reason they jumped back into employment.
In part, the trend reflects the widespread shortfall in Americans’ retirement savings. A recent Transamerica Center for Retirement Studies report estimates that workers‘ median retirement savings is only $71,000, far short of what experts say is needed to retire comfortably. Only 30 percent report accumulating $250,000 or more. Meanwhile, the number of older Americans filing for bankruptcy has surged fivefold since 1991.
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