Typical Retirement Income: The Only Reason for Working Past Age 60?

Typical retirement income leaves seniors short, but CareerBuilder finds other reasons for working past age 60.

Working to Supplement to Typical Retirement Income

According to the Social Security Administration, those aged 65 and older generate about 30% of their total typical retirement income from working.

A 2006 study by the Urban Institute found that the revenues generated if Americans worked five years longer would more than wipe out the projected Social Security shortfall primarily through continued payroll and income tax payments.

Other Reasons to Keep On Working from CareerBuilder

The economy continues to change the retirement timeline for many mature workers, leaving them with tough decisions about their futures. More than seven-in-ten workers over the age of 60 putting off retirement are doing so because they can't afford to retire financially with their typical retirement income, according to a 2010 survey by CareerBuilder.

Typical retirement income is not the only reason for postponing retirement for workers over the age of 60. Other reasons cited by CareerBuilder are that seniors:

Either enjoy their job or enjoy where they work (71 percent)
Plan to stay on their jobs because they need the health insurance and additional benefits (50 percent)
Fear retirement may be too boring (24 percent)
Enjoy feeling needed (15 percent)

Hence the recent comment from Barry from Colorado who decided he needed a part-time job after retirement: "When I thought my dogs and I were having deep, meaningful conversations, I knew it was time to get out of the house. And I needed the money."

Topic: Working in Retirement Subtopics: The Fourth Era of Retirement • How Many Retirees Work? • Why Work in Retirement? • Job Skills • The Job Hunt