Why So Many Retirees Return to Work

May 15, 2024 — Many people are eager to quit their jobs and enter the ranks of retired. Spending their days golfing, relaxing, fishing, socializing, etc. But for more people than you think, retirement doesn’t stick. Florida NPR has a great podcast that explains how and why some Florida retirees ended up re-entering the workplace, for a variety of reasons. It is definitely worth a 20 minute listen, particularly because it has interviews with real people explaining the circumstances why they went back to work, and the types of jobs they found.

Fastest growing group of workers in Florida – folks over 65!

It doesn’t seem to make sense that so many workers in their 60’s and 70’s are going back to work. In fact it is not unusual to find people over 80 who are working. There are many reasons why. For one, the realities of the world can wreck even the best of dreams. Insurance costs have exploded in many areas of Florida, particularly on the coast. Home Owner Association fees are growing faster than the rate of inflation, usually because of insurance, but also because of higher than expected maintenance costs and other community expenses. Rents and ground leases go up steadily. Cars wear out and need repairs. The cost of everything is going up, particularly since Covid’s disruptions started 4 years ago. The result is that many retirees are finding their income is not coming up to what it takes stay afloat. So in most cases, their only recourse is finding a job.

Health care expenses are another important reason why people return to work. People have copays and deductibles that could be much higher than they ever expected, particularly when a serious illness or dental work occurs. Others have to hire home health care aides because of a loved one’s disability or poor health.

Many are happy with their return to work

Sure, most people of retirement age who go back to work are doing it because they need the money. But there is also a sizable population that welcomes a return to work. They often report that they miss being around other people, and having something interesting to do. Fortunately Florida (and other states) needs to fill an endless supply of service workers and other positions in a tight labor market.

Type of work is important

Some retirees are able to find jobs that are not physically demanding. They might be working remotely, or in a position that does not require strength or strain. But the hardest thing to see is when older people are in jobs that are physically challenging. If you have to go back to work, it is worth the effort to try to find one that does not strain your body, or produce stress.

Bottom line

Not everyone retires and stays that way (and some folks never retire in the first place). Some start working because they have to, and others because they want to. Please share your thoughts on this subject in the Comments section below.

NPR Podcast

For further reading:
Can Florida Condo Market Survive These Forces