Increasing Trend of Part-Time Work in Retirement
The number of retirees choosing to work part-time continues to rise, primarily due to advancements in digital and remote work technology that make it easier for seniors in the U.S. to earn extra income. More retirees than ever are also finding it necessary to supplement their retirement income.
Data from the Pew Research Center indicates that 19% of Americans aged 65 and above had some form of paid work in retirement in 2023, nearly doubling from 1987. The average hourly earnings of senior workers also increased from $13 in 1987 to $22 in 2022.
Furthermore, a study by Northwestern Mutual reveals that approximately 60% of future retirees expect to need an income as large or larger than their current monthly income to retire comfortably. This is mainly attributed to insufficient retirement savings.
The Positives of Working in Retirement
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