10 Great Jobs for Retirees Who Want to Go Back to Work (2024)

FAQs

10 Great Jobs for Retirees Who Want to Go Back to Work? ›

People who work after retirement often remain more active and socially connected, which can mean better overall health and fewer medical issues. Working part-time can give you a sense of being part of something without being tied to a career and long hours.

People who work after retirement often remain more active and socially connected, which can mean better overall health and fewer medical issues. Working part-time can give you a sense of being part of something without being tied to a career and long hours.

You're almost definitely not going to be able to work past 70. According to ERBI's survey, while 39% of workers expected to retire after turning 70, just 4% of current retirees report they were able to work that long.

Most people wrestle with this question, especially those that lack financial experience, literacy or familiarity with the retirement planning process. Generally, a good retirement income is about 75% to 85% of the pre-tax income earned in your last working year.

Your benefits may increase when you work:

As long as you continue to work, even if you are receiving benefits, you will continue to pay Social Security taxes on your earnings. However, we will check your record every year to see whether the additional earnings you had will increase your monthly benefit.

The (Overly) Simple Math Behind the “$1000/Month Rule”

The math behind the $1000-a-month rule is simple. If you take 5% of a $240,000 retirement nest egg each year, that works out to $12,000/year, which, divided into 12 months, gives you $1000 each month.

What is the hardest part of retiring? ›

Common challenges of retirement include:

Feeling anxious at having more time on your hands, but less money to spend. Finding it difficult to fill the extra hours you now have with meaningful activity.

A 2021 study on Occupation-Based Life Expectancy found that people working in non-skilled general, technical and transport domains lived on average 3.5 years less than those in academic professions. Those working in the transport sector had the shortest life expectancy, and teachers had the longest.

Among adults ages 65 to 74, the workforce participation rate was 25.8% in 2021, according to the U.S. Bureau of Labor Statistics. That share is expected to grow to 30.7% by 2031. In the 75-and-older crowd, the portion in the workforce is expected to reach 11.1%, up from 8.6% in 2021.

Working-life expectancy

He found that Americans who are healthy at age 50 can expect to have roughly 23 more years free of disability, plus about eight years living with disability. That would suggest people's maximum working life expectancy, on average, is age 73.

Average Social Security retirement benefits in 2023

Average payments for all retirees enrolled in the Social Security program increased to approximately $1,827, according to the Social Security Administration (SSA).

This depends on a person's anticipated expenses and the lifestyle they'd like to lead in retirement. That said, the average retiree in America spends $60,593 per year, or $5,049.42 per month.

First, let's look at some statistics to establish a baseline for what a solid retirement looks like: Average monthly retirement income in 2021 for retirees 65 and older was about $4,000 a month, or $48,000 a year; this is a slight decrease from 2020, when it was about $49,000.

To acquire the full amount, you need to maximize your working life and begin collecting your check until age 70. Another way to maximize your check is by asking for a raise every two or three years. Moving companies throughout your career is another way to prove your worth, and generate more money.

What is the one year rule for Social Security? ›

That's why there is a special rule that applies to earnings for 1 year, usually the first year of retirement. Under this rule, you can get a full Social Security check for any whole month you're retired, regardless of your yearly earnings.

You must have worked and paid Social Security taxes in five of the last 10 years. • If you also get a pension from a job where you didn't pay Social Security taxes (e.g., a civil service or teacher's pension), your Social Security benefit might be reduced.

If you have a low living cost and can supplement your income with a part-time job or a generous pension, then retiring on $3,000 a month is certainly possible.

If you retire with $500k in assets, the 4% rule says that you should be able to withdraw $20,000 per year for a 30-year (or longer) retirement. So, if you retire at 60, the money should ideally last through age 90.

That means that many will need to rely on Social Security payments—which, in 2021, averages $1,544 a month. That's not a lot, but don't worry. There are plenty of places in the United States—and abroad—where you can live comfortably on $1,500 a month or less.

Some advisors recommend saving 12 times your annual salary. 12 Under this rule, a 66-year-old $100,000 per year earner would need $1.2 million at retirement.

Retirees Are Earning Up to $20,000 Per Month With One Fully Remote Side Hustle. Quitting your day job doesn't mean you can't have an additional — and extremely lucrative — income stream. Retirement doesn't mean you have to stop earning altogether — in fact, it could allow you to make more money than ever before.

What are the worst retirement mistakes? ›

Fortunately, there are some states that don't charge taxes on retirement income of any kind: Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming.

All military roles have their difficulties, but challenging roles such as a marine and mercenary are among the hardest in the world. These positions require soldiers to put their lives at risk on a daily basis. However, the high paycheck can make up for the serious stress and possible trauma that may result.

Even past age 70, a growing number of seniors are declining to, or unable to, retire. Last quarter, 19 percent of 70- to 74-year-olds were working, up from 11 percent in 1994. Older Americans are working more even as those under 65 are working less, a trend that the Bureau of Labor Statistics expects to continue.

The average retirement age in U.S. is 64 years old, with the average retirement age across all states spanning from 61 to 67 years old. The Social Security Act sets the minimum age to retire at 65 to receive full retirement benefits, although the minimum retirement age will continue to rise.

Why retiring at 62 is a good idea? ›

One of the most significant benefits of retiring at 62 is early access to Social Security benefits. Although you will receive a reduced monthly benefit, you can start receiving benefits earlier than if you wait until your full retirement age.

The average retirement age in the United States is 61, according to a 2022 Gallup survey. In 1991, the average retirement age in the U.S. was 57; in 2002, it was 59. According to the poll, people still working in 2022 expect to retire at 66 on average.

What Is the Average Retirement Income? For adults 65 and older, the average income is $75,254, according to the most recent research published by the U.S. Census Bureau in 2022. The median income, on the other hand, is $47,620. Adjusted for inflation in 2023, those numbers become $83,085 and $52,575.

The finding echoes a few others, the New York Times reports: “An analysis in the United States found about seven years of retirement can be as good for health as reducing the chance of getting a serious disease (like diabetes or heart conditions) by 20 percent.

Seniors can get many kinds of jobs. Aside, perhaps, from some extremely physically demanding occupations, almost any job that can be done by a younger person can be done by someone older. It really just depends on the individual, since everyone ages differently.

Working after age 70 can increase your Social Security benefits, especially if you didn't earn much in your younger years and are earning significantly more now. Keep in mind that increasing your income can affect your taxes and medicare premiums, and plan accordingly.

Among adults ages 65 to 74, the workforce participation rate was 25.8% in 2021, according to the U.S. Bureau of Labor Statistics. That share is expected to grow to 30.7% by 2031. In the 75-and-older crowd, the portion in the workforce is expected to reach 11.1%, up from 8.6% in 2021.

Per the report, 62% of respondents have already returned to work after retirement, and about 55% of those who have returned to the workforce said they did so because they needed more money.

“Very often, some people work for money and/or health benefits. Some work for the money to travel and/or do things they are interested in, such as hobbies. Other people work because they feel valuable doing the work, and it gives them a sense of purpose. Or, a retiree might work due to any combination of the above.”

Behind the numbers (Federal Reserve Bank of Minneapolis):

"Seniors aged 65 to 69, past the standard retirement age, are actually more likely to have a job than teenagers. A full 32 percent of these post-retirement-age seniors have jobs, up from less than one-quarter in 2000."

Why the 4% rule no longer works for retirees? ›

The traditional 4% rule has served retirees well for decades but may no longer be relevant due to rising costs and increased market volatility. Retirees should consider using a rate closer to 3.3% withdrawal rate instead, as well as looking into other sources of income.

The Rule of 70 is a calculation that determines how many years it takes for an investment to double in value based on a constant rate of return. Investors use this metric to evaluate various investments, including mutual fund returns and the growth rate for a retirement portfolio.

About 27% of people who are 59 or older have no retirement savings, according to a new survey from financial services firm Credit Karma.

The average age of retirement, however, is about 64. This suggests a working career of 46 years is someone who starts at 18, and 42 years for a college graduate. And some people wait until between the ages of 65 to 67 to receive full Social Security benefits. A small number hold off until age 70 to receive the maximum.

But paying off a mortgage before retirement age isn't feasible for everyone. In fact, more than 10 million homeowners paying off their mortgages across the U.S. are 65 and older.

Using the 4% rule to estimate how much money you need to never work again involves knowing how much you plan on spending that first year or retirement. For example, if you want to spend $200,000, the math is $200,000/. 04 = $5,000,000. Another way to calculate this is that you would need 25x your annual spending rate.

A retiree resume is a resume written for someone who has already retired from traditional employment and wants to return to work. The structure of a retiree resume helps you highlight why you are an ideal candidate for the position you want, including the experience and skills gained from your years of employment.

It's not uncommon for baby boomers to continue to work well into their 60s, 70s or even 80s. Some people decide to continue working because they need the money, while others love what they do and can't imagine not doing it anymore or just need to stay busy.

While about eight in 10 boomers in their early 50s are in the workforce, the percentage employed drops to about 50% for boomers who are 60, and the proportion accelerates downward with each year of age thereafter. Only about a third of those aged 67 and 68 -- the oldest boomers -- are still working in some capacity.