Just under 1 in 5 retirees are working part-time, or have merely reduced their working hours.
For years, many workers nearing retirement have professed plans to work part-time during retirement. But few retirees have actually continued working part time. Things are changing.
The study found an interesting gender distinction, too: a quarter of the female recent retirees phased into retirement, while just 16% of male recent retirees did. Men may be less likely to phase into retirement than women because it’s harder to do so due to their preretirement job functions, the LIMRA researchers noted; 23% of the retired men surveyed worked in managerial job functions before retirement compared with 13% of women.
Catherine Collinson, CEO and president of the nonprofit Transamerica Institute and Transamerica Center for Retirement Studies , told me she found it “encouraging that the gap between pre-retirees’ vision of transitioning into retirement compared with the experience of recent retirees is finally starting to close.”
The gig economy and retirees By 2026, the Bureau of Labor Statistics estimates, the labor-force participation rate of Americans age 65 to 74 will grow to about 30%, compared with roughly 17% in 1996. You need to start planning a few years ahead of time. You might need to add some employment skills, or at least keep yours up-to-date.
If you want to start your own business as a consultant or launch an entrepreneurial effort, you’ll want to gear up gradually by doing your market research, getting financially fit and laying the necessary groundwork.
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