More Than Half of Workers Approaching Retirement Believe They Will Return to Work


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Providing insight into the changing post-retirement landscape,  a new survey  by Home Instead, Inc. revealed that more than half (53 percent) of workers approaching retirement in the next five years believe they will likely return to work.

According to the Home Instead, Inc. survey, money is an important overall factor in desire to return to work. However, the second most important motivator for those who have retired was fighting boredom (44 percent) or keeping their minds sharp (22 percent), while finding new challenges and fulfillment were the second and third most important motivators for those pending retirement. In terms of their next move, the majority of both those approaching retirement (68 percent) and those who have “unretired” and returned to work (65 percent) said they will change or have changed industries.

“The word ‘retirement’ has become a misnomer in recent years,” says Jane Barratt, Secretary General of the International Federation on Ageing. “In the past, the retirement age has been around 60 or 65; however, since people are living longer and are generally healthier in their older years, there’s a significant trend toward adopting second and third careers after that perceived ‘retirement’ age.”
 
The need for personal fulfillment was evident among those surveyed by Home Instead. Nearly 80 percent of both those nearing retirement and unretired said they want to make a meaningful impact in their communities in their post-retirement years, such as through volunteerism or a role involving caregiving, teaching or giving back.

However, according to Melanie Johannink, Sun Life Financial advisor, even if a person continues to work after retirement, it’s still essential to start planning early from a financial perspective. “Regardless of whether a client chooses to go back to work for financial reasons or to pursue a passion, working with a financial advisor is the most valuable step someone can take in planning for the next stage of life, wherever that may take you.”

Many of today’s older workers are seeking flexible work options, including at organizations that meet criteria for age-friendly workplaces. Retail sales clerks, bank tellers, online tutoring and caregiving are among some of the most popular jobs.

Home Instead consulted with Canadian retirement experts at Sun Life Financial and the International Federation on Ageing to introduce online tips and materials to help older workers decide how to make the most of their post-retirement years. Resources include an online career assessment tool that asks the user questions about their interests, skills and ideal work environment before recommending categories of jobs that might suit them.

Families can find program resources and information at UnRetireYourself.ca. Or, contact your local Home Instead Senior Care® office for additional resources and to learn about professional CAREGiversSM opportunities. Find an office near you by visiting https://www.homeinstead.ca/.

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