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This is why retirees say they're going back to work

Needing money was one of the top concerns for retirees considering going back to work but there's another close second.

CHARLOTTE, N.C. — The number of people aged 65 and older returning to work has increased by 144% in the past 20 years, according to the United States Department of Labor. For most retirees considering a new job, they cited financial needs as a top concern, according to a Paychex survey.

Other researchers stress there's a growing concern for preparedness ahead of retirement.

"I think it’s ridiculous having done this for so long now," Mark Henry, with Alloy Wealth Management, explained.

"Where it talks about: When you retire you should spend 70%, maybe 75%, of what you’re making," he said. "Well, wait a second. I kind of like my lifestyle right now."

When saving for retirement, anticipate living on 100% of your current salary and cut back if you can later, Henry suggested.

A combination of everyday expenses like groceries, and bigger ticket items like housing costs and insurance, are driving factors. 

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"People are living longer than they expected," Henry said. "So a lot of times they’re finding they didn’t save enough for retirement."

Financial difficulty isn’t the case for everyone. Reasons to return to work also included the need for something to do and feeling lonely.

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"Maybe going back to work is the right answer," Henry offered. "But it shouldn’t be coming from fear.

To plan for retirement, Nerd Wallet suggests the top three facts impacting how you save: Life expectancy, current spending, and lifestyle preferences.

Contact Kia Murray at kmurray@wcnc.com and follow her on FacebookX and Instagram.

WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com. 

WCNC Charlotte's Where's The Money series is all about leveling the playing in the Carolinas by helping others and breaking down barriers. WCNC Charlotte doesn't want our viewers to be taken advantage of, so we’re here to help. Watch previous stories where we ask the question “Where’s the Money” in the YouTube playlist below and subscribe to get updated when new videos are uploaded. 

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