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Why Work in Retirement?
Givens’ story is not unique. According to AARP, more than half of its 40
million members are still working, and
70 percent of members indicate they
will continue working into what most
consider their retirement years. Many of
those members have left behind primary
careers and consider themselves ‘
semi-retired.’ “The concept of retirement is
changing,” says John Nelson, co-author
of What Color is Your Parachute? For
Retirement. “The idea of leisure is only
a few generations old,” he explains.
“Historically, people have stayed productive as long as their health would let
them.” Today’s retirees are increasingly
choosing to work.
One of the best things about reaching
retirement age is the ability to re-invent
yourself. Creating a new career, working
part-time in an industry you’ve always
wanted, starting a new business or vol-
unteering your time can change your
life for the better.
With the economic downturn, Baby
Boomers have seen retirement invest-
ments plummet, and many are staying
in the workforce to avoid digging into
depleted savings too soon. According
to AARP’s recent “Work and Career
Study” survey, the most common reason
older workers cite for staying in the
workforce is the need for money.
“Baby Boomers have been poor savers
and have acquired a lot of debt,” says
Bob Skladany, vice president of research for RetirementJobs.com. “This
problem has been accelerated by decreasing home equity values.” Those
who keep working into their 60s
also benefit from maintaining health
insurance coverage with their employers,
since retirees aren’t eligible for Medicare
until age 65. According to Skladany, the
average 60-year-old pays $14,000 a year
in health insurance premiums if not
covered by an employer plan.