A growing number of older Americans are "unretiring” because of concerns about their personal finances and the broader economy, according to a survey from AARP.
The survey, which polled adults 50 and older, found that 7% of retirees returned to work within the past six months.
“Basic expenses are the number one reason older adults continue to work or job-hunt,” said Carly Roszkowski, vice president of financial resilience programming at AARP.
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Roszkowski said she expects the trend of people working longer to continue, citing the rising cost of living and the fact that many Americans have not saved enough for retirement.
A recent report from the National Institute on Retirement Security found that workers with money in workplace retirement accounts, such as 401(k)s, had a median balance of $40,000 in December 2022. When all workers were included — even those with no retirement savings — the median amount saved was just $955.
The AARP survey also found that nearly a quarter of older workers are worried about losing their jobs within the next year. Many said it would be difficult to find new employment, potentially due to age discrimination or their health.
