Post Retirement Employment

Posted In: Career Resources, Employer Resources, Employment News · By: Seniors for Jobs.com · Date: 1 Jan 2007

Many people who take their retirement either can't, or won't, stay away from the work force, according to a new study which examines individuals who return to paid employment after an initial retirement.

Just over one-fifth (22%) of people who retired between 1992 and 2002 at the age of 50 or older went back to some form of paid work, and another 4% said they looked for a job, but hadn't been able to find one.

The study, based on the 2002 General Social Survey, showed that retirees are more likely to return to work as they increasingly find themselves in good health, and with the education and skills needed to compete in the job market.

Various characteristics influenced the likelihood of returning to work. Men were slightly more likely than women to return, as were those whose health was good. Retirees from professional occupations were most likely to do so, followed by managers and technicians.

These figures may reflect greater and more attractive employment opportunities available to these individuals — jobs offering good pay, interesting work, and few physical demands.

From an industry standpoint, retirees from the information, culture and recreation sector as well as construction were most likely to return to the work force. Since employment in construction is mostly project-oriented, retirees from this industry often have more opportunity to find employment in temporary, project-specific jobs.

Although financial concerns were by far the most common reason for returning to work, they were cited by only 38% of respondents, suggesting that non-financial considerations were important as well.

Indeed, 22% of retirees returned to employment because they did not like retirement, 19% mentioned the intrinsic rewards offered by work (challenging tasks, social contacts, sense of purpose), and 14% felt they were needed or wanted to help out. Overall, 55% cited at least one of these three non-financial reasons.

Other considerations, such as pressure from family members, improved health, or no longer having to provide caregiving, were cited by less than 5%.

The likelihood of returning to work for financial reasons did not vary by sex or educational attainment. Voluntary and involuntary retirees differed noticeably on this point, however, with financial considerations being cited more often by those who left involuntarily.

Similarly, individuals who retired because of health problems, downsizing or unemployment were more likely to return to work for financial reasons.

Among the 4% of recent retirees who looked for a job but were unsuccessful in finding one, 40% cited wanting to return to work for financial reasons, 39% non-financial reasons, and 22% both.

Many retirees who worked full time before retirement took a part-time job after retirement — over one-third of the men and more than half of the women.

Source: Statistics Canada - Perspectives on Labour and Income, Vol. 6, no. 9