SouthernWorldwide.com – For a growing number of older Americans, the concept of retirement is evolving, with many finding themselves returning to work either by necessity or by choice.
Myndie Friedman, a woman nearing 70, begins her weekdays with an early start, embarking on a lengthy commute from her home in Long Beach, New York, to her administrative job in Manhattan. This demanding journey, involving multiple public transport connections, highlights the financial realities many seniors face.
Friedman, a widow, relies on her Social Security benefits, which only cover a third of her living expenses. The remaining two-thirds are essential for maintaining her current lifestyle, underscoring the financial pressures that compel her to continue working.
“You have to eat”
Friedman is part of an increasing demographic of older Americans for whom retirement is financially unattainable, or who are forced back into the workforce to cover essential costs. Federal labor data indicates that nearly one in five adults aged 65 and older are currently employed or actively seeking work, a figure not seen in decades.
These older workers, found across various sectors and regions, often view their jobs not as a personal preference but as a crucial financial necessity. Their continued employment is driven by the need to meet basic living expenses.
The average Social Security benefit in 2026 hovers around $2,071 per month. However, the typical single adult’s monthly expenses can easily reach $4,641, even before accounting for additional costs like phone bills, home maintenance, or gifts for loved ones.
This significant financial disparity creates a chasm for many older Americans, pushing them back into employment at an age when they anticipated or hoped to be enjoying retirement. Friedman articulates this concern, stating, “Rising costs are on my mind, and they’re just going to go higher. You have to eat. You have to have healthcare. But when you retire, you don’t only want ‘have-tos.’ I’d like to enjoy my life.”
A 2024 AARP survey revealed that 20% of Americans aged 50 and older have no retirement savings. Furthermore, 70% of this age group express worry that their expenses will outpace their income.
This situation is a culmination of decades of economic trends. In 1985, the labor force participation rate for Americans 65 and older was at a low of just under 11%. Over the last two decades, however, the employment rate for this demographic has surged by 117%, according to the Centers for Disease Control and Prevention.
The Bureau of Labor Statistics projects that the 75-and-older workforce will experience the most substantial growth, increasing by an estimated 97% between 2020 and 2030. The CDC attributes this shift primarily to the nation’s aging population; people are living longer, but their savings have not kept pace with escalating living costs.
The fundamental issue is that retirement savings, which might have been adequate for a 15-year retirement, are now insufficient for periods of 25 to 30 years. A recent report from the National Institute on Retirement Security found that the average American worker has less than $1,000 saved for retirement.
This statistic includes individuals with employer-sponsored retirement plans and the approximately 56 million workers who lack access to such benefits. For those with retirement savings, the median balance is reported to be $40,000.
“This is really nice”
Not all seniors who continue to work view their employment as a burden. Helen Cuocci, in her 70s, works full-time at a CVS in Connecticut, a job she’s held for 18 years after a 40-year career as an administrative assistant.
Cuocci finds positive aspects in her current role, stating, “I never thought I would get a retail job. I always thought I’d be sitting at a little desk with my cup of coffee and just on my computer. But this is really nice. You’re more active, and you see more people.”
Beyond the paycheck, Cuocci’s employment provides crucial health benefits for her husband, whose expensive medication costs are significantly reduced through her employer’s plan. She adds, “We own a home, we have two cars and we like to travel. Without working at CVS, I couldn’t do all these things.”
Old skills, new jobs
Many seniors like Cuocci are transitioning to different types of work in their later years. Alan Bergman, a 71-year-old from Somers, New York, who previously ran a commercial printing company, found retirement unfulfilling after selling his business in 2018.
Concerned about his savings and feeling restless, Bergman established a new career as a personal historian. Working from his home office, he interviews older adults to help them privately publish their life stories. He describes this new chapter as “the most fulfilling one yet.”
Geoffrey Sanzenbacher, an economics professor at Boston College, identifies individuals like Bergman as part of the growing “un-retired” population. He notes that older workers are more inclined to re-enter the labor force when the economy is robust, making it “easiest to do so.” However, this also means competing with younger job seekers.
For older adults needing to work to cover basic expenses, this often involves taking jobs in sectors different from their previous careers, sometimes in physically demanding roles like retail that require extended periods of standing and customer interaction.
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Catherine Fisher, a career expert at LinkedIn, emphasizes that the skills possessed by older workers are frequently underestimated. “The older generation has so much experience that they can bring to the table,” she states. “Communication, adaptability, leadership — those are skills that you acquire over time.”
