Why are people above 65 choosing to work beyond retirement age? Study finds what motivates them

A sense of purpose, social security, providing for their family and saving for retirement are the rewards that the older adults get out of their jobs.

Retirement age is not the end of a work life. According to a recent study led by University of Michigan National Poll on Healthy Aging, people who work well past the retirement age – 65 years, are more satisfied with their work, and the health benefits they get out of the engagement.

People who work well past the retirement age – 65 years, are more satisfied with their work, and the health benefits they get out of the engagement. (Shutterstock)

Findings of the study

The study was conducted on 3,486 adults aged 50-94 across the United States. The survey was done to understand the encouraging trends and the ongoing challenges faced by the workers of the older population.

The study painted a picture of the workforce landscape in the United States. 63% of adults aged 50-64 are working, but the number drops to 18% for the ones of the age of 65 and older. 78% of the older workers work full-time, while 22% work part-time. 83% of the older workers work for an employer, while 17% are self-employed. Among the ones working for an employer, 15% of the people work completely remotely, while 17% follow a hybrid work culture, and 69% work by going on-site.

How working after the age of 65 can benefit the older generation:

The study observed immense health benefits for people who choose to go to work even after the age of 65. From physical health to mental health to overall improvement in health, the older adults demonstrated significant benefits from engaging in work, rather than retiring.

Poll director Dr. Jeffrey Kullgren said, “Our perceptions of working after age 65 have changed over time, and these data suggest that most older adults who are still able to work after the traditional retirement age derive health-related benefits from doing so.”

People over 65 work for rewards that transcend beyond the paycheck.(Shutterstock)

Beyond the salary:

While money is a great motivation to go to work, the older adults reported that their source of motivation arrives from beyond the paycheck. Having a sense of purpose, social security, saving for retirement and providing for their immediate family are the rewards that they derive out of their jobs.

Disclaimer: This article is for informational purposes only and not a substitute for professional medical advice. Always seek the advice of your doctor with any questions about a medical condition.