Though many Americans picture their golden years dotted with travel, visits from the grandkids, and early bird specials, more retirees are returning to work — if only part time.
Because the recent financial crisis has drastically reduced the value of their retirement accounts, as well as the equity in their homes, half of workers plan to remain employed after they retire, mostly in part-time jobs, according to a May 2011 survey by Transamerica Center for Retirement Studies .
The 12th annual survey also found that 40 percent of workers said they now expect to retire later, with more than a third planning to work past age 70 or never retire, the study found.
According to the Bureau of Labor Statistics , BLS, workers 55 and older are clocking 42 percent more part-time hours than they were 10 years ago.
“It’s definitely trending up,” says Gary Steinberg of the BLS. “But you have to remember the number of people in that population is also growing.”
Eileen Felske, a 57-year-old former director of financial aid at Dominican College in Orangeburg, N.Y., says she needs to continue working to keep up with living expenses.Page 1 of 6 | Next Page