What Motivates People to Work after Retirement?

It Depends on the Type of RetireeĀ 

US Dept of Labor

The number of people who plan to work after retirement is increasing dramatically. However, according to a study of 7,000 retirees, not all have the same reasons for working. Which of these four types of retirees are you?

Achievers

Training Daily Advisor

The smallest group, about 15%, continue to work because they want success and money. These retirees have always been driven to achieve and reaching the traditional retirement age does not end this desire. They tend to either stay in their same profession or leave to start their own business.

Earners

Time.com

A little over a quarter of working retirees, or 28%, are employed simply because they need the money. These are people who do not have enough savings to provide a sufficient income. Others suffered financial reverses due to health or family issues

Balancers

Another quarter, or 24%, of working retirees continue with employment because they believe that working is part of a healthy lifestyle. However, they differ from achievers in that they now want jobs that they find interesting even if they do not lead to wealth or recognition.

Contributors

Lastly 33% of working retirees work because they believe that their jobs help individuals or society. Employment provides a sense of purpose and a source of identity.

Which type you are will effect the type of employment you will seek. Of course, you reasons for work after retirement may be a combination of more than one reason!

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