For some older Americans, retirement today means unretiring
Myndie Friedman, a resident of Long Beach, New York, starts her weekday mornings with a two-hour commute to her office job in Manhattan. At almost 70 years old, the journey is challenging, but necessary to make ends meet. Her monthly Social Security check covers only a third of her living expenses, leaving her reliant on her job for the remaining two-thirds.
She is just one of many older Americans facing the harsh reality that retirement is financially out of reach. According to federal labor data and Pew Research, nearly one in five adults aged 65 and older are employed or actively looking for work, the highest percentage in decades. These older workers often view their jobs not as a choice, but as a financial necessity to cover rising costs.
The gap between the average Social Security benefit and the cost of living is significant for many older Americans. While the typical single adult spends over $4,000 a month, the average Social Security benefit is around $2,000. This financial strain forces many older adults back into the workforce when they had hoped to be enjoying retirement.
AARP’s survey in 2024 revealed that 20% of Americans aged 50 and older have no retirement savings, with 70% concerned about rising prices outpacing their income. This long-standing crisis has led to a significant increase in the employment rate among older workers over the past two decades.
The aging population and inadequate savings are primary drivers of this trend. Many older adults find that their savings are insufficient to support a longer retirement period, leading to a workforce projection that the 75-and-older demographic will grow faster than any other age group in the labor market.
For some older workers, like Helen Cuocci, working in retirement is not seen as a hardship. Cuocci, in her 70s, enjoys her job at CVS, which provides health benefits that help manage her husband’s medication costs. The paycheck from her job allows her to maintain their lifestyle and pursue activities like traveling.
Others, like Alan Bergman, have transitioned into new roles in retirement. After selling his printing business, Bergman started a business as a personal historian, finding fulfillment in his new venture. This shift reflects a growing trend of “un-retired” Americans who re-enter the workforce for financial reasons or personal fulfillment.
According to experts like Geoffrey Sanzenbacher and Catherine Fisher, older workers bring valuable skills and experience to the workforce that are often underestimated. While re-entering the job market may present challenges, older workers can leverage their communication, adaptability, and leadership skills to succeed in new roles.
