Older generations are no longer staying retired

Older generations are no longer staying retired, according to new research by Homestead Senior Care.

The company surveyed two groups of 502 people across the US and Canada; one group planning to retire in the next 5 years and the other group those that have retired and since returned to work, or ‘unretired’.

The research shows that although both groups were excited about the prospect of retiring, concerns and realities are soon driving them back to the work place (93% and 71% respectively).

The main concern for both groups centered on money. Specifically fears included not having the money to cover their expenses and simply the worry of no longer earning money.

Second to this were concerns relating to the loss of mental agility. The research shows that both groups expressed fears that retirement would affect their ability to stay mentally sharp and limit their chances to engage their mind.

This is why 53% of those yet to retire said they were either very or somewhat likely to return to work, while only 41% of the unretired sample had believed they may return to work according to our research.

But it would not be a return to their previous roles. In fact both groups said that returning to work would probably mean going into something new. 65% of those unretired took a position different from their previous career and 68% of those looking to are very/somewhat likely to look for something different.

Volunteering was the career each sample was most interested in as a second career, followed by retail work and health sector.

View the full case study here to find out how we carried out this research and the coverage it generated.