• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

Silver surge in the labor force

As of 2023, 11 million Americans over the age of 65 were still actively working, according to the Pew Research Center. The proportion of retirement-age workers in the economy has quadrupled since the mid-1980s.

Several systemic factors have driven this trend. Labor economists cited by Pew suggest that older Americans are now more likely to be healthy because of medical advances, less likely to work in physically demanding roles and more likely to be well-educated. These factors make it easier for many seniors to continue working for as long as possible.

On an individual level, however, the decision to work when you could be resting on a beach generally boils down to two reasons: economic necessity or boredom.

Retire richer: The secret to building wealth faster

Most people miss out on key opportunities to grow their wealth. Partnering with the right financial advisor can help you secure a brighter future. Learn how to make your money work harder for you today.

Discover the secret

Some want to work, others have to

With an estimated net worth of $400 million, according to Celebrity Net Worth, Letterman clearly doesn’t need to work. He belongs to an elite group of wealthy seniors, such as Warren Buffett, Bill Gates and Bernard Arnault, who continue to work simply because they enjoy it.

A recent survey by F&G Annuities & Life found that 51% of pre-retirees over 50 and retirees are considering delaying or coming out of retirement. Among pre-retirees, 33% cited a love for their work as their reason, while 45% of retirees expressed a desire for intellectual stimulation as their motivation to rejoin the workforce.

Simply put, many seniors find retirement boring. Others, however, face economic pressures that compel them to rejoin the labor force. A lack of savings combined with rising costs of living has pushed less wealthy seniors back to work.

According to the same survey, 49% of pre-retirees plan to delay retirement due to inflation, while 44% of retirees said inflation is driving them back to work. These individuals face higher risks if a medical or personal emergency prevents them from working.

With this in mind, younger Americans should prioritize early planning and diligent investing to build a secure nest egg. Whether you aim to work into your 80s or dream of enjoying long siestas on a beach in Greece, having the choice is far better than being forced to work due to market pressures in your senior years.

Sponsored

Meet your retirement goals effortlessly

The road to retirement may seem long, but with Advisor, you can find a trusted partner to guide you every step of the way

Advisor matches you with vetted financial advisors that offer personalized advice to help you to make the right choices, invest wisely, and secure the retirement you've always dreamed of. Start planning early, and get your retirement mapped out today.

Vishesh Raisinghani Freelance Writer

Vishesh Raisinghani is a freelance contributor at MoneyWise. He has been writing about financial markets and economics since 2014 - having covered family offices, private equity, real estate, cryptocurrencies, and tech stocks over that period. His work has appeared in Seeking Alpha, Motley Fool Canada, Motley Fool UK, Mergers & Acquisitions, National Post, Financial Post, and Yahoo Canada.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.

†Terms and Conditions apply.