Re-entering the workforce after retirement is not how most people plan to spend their golden years, but 7% of retirees have ‘un-retired’ in the past six months, according to a survey released by AARP in February. Of those who returned to jobs after retirement, 48% said their primary reason was because they needed money or had a poor economic outlook. “Basic expenses are the No. 1 reason older adults continue to work or job-hunt,” said Carly Roszkowski, vice president of financial resilience programming at AARP in a statement.
Indeed, “rising healthcare and living costs, market volatility and Social Security uncertainty can leave older adults financially vulnerable, especially when living on a fixed income … Without careful budgeting and planning for these expenses, many retirees find they need additional income later in retirement,” says Tyler End, certified financial planner and CEO of Retirable, a retirement tech company.