According to recent research from Empower, 58% of Americans say they may continue to work during retirement. And while financial needs are a concern, they don’t rate as the No. 1 reason Americans don’t want to commit to full-time retirement.
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Here are the top reasons Americans are giving up the rocking chair to spend more time working once they retire.
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Personal Fulfillment
According to the Empower survey, 41% of respondents said personal fulfillment was the main reason they did not want to retire from their career full time. Components that make up your career fulfillment may include doing what you enjoy, making a difference and creating meaningful work, according to Indeed.
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Financial Need
On the heels of personal fulfillment is financial need when it comes to reasons to forgo full-time retirement. Forty percent of respondents said not having enough money in retirement makes them want to keep working part of the time.
Maintain a Daily Routine
Ending up twiddling your thumbs and staring at four walls is a real concern for retirees. Over one-third — 37% — of respondents said they don’t want to retire on a full-time basis because they want to maintain a daily routine.
Sense of Purpose
It makes sense: after spending decades in a career, quitting suddenly could leave you feeling disconnected. That’s why 37% of soon-to-be retirees aren’t ready to let go of the reins completely — they fear they’ll lose their sense of purpose.
If bringing in extra income isn’t a concern, volunteering can help retirees have a sense or purpose. Additionally, investing time in intergenerational relationships, such as taking a grandchild fishing, can also be a good way to feel useful.
Intellectual Stimulation
Retirees who work in a job that is intellectually stimulating will miss it if they become a full-time retiree. According to a Pew Research Center study, 27% of adults who are 60 or older live alone, which means that intellectual stimulation from a partner or roommate is unavailable.
Reading non-fiction books, doing online research or watching documentaries are ways to get intellectual stimulation once you retire.
Physical Activity
Retirees who find themselves with endless free time may fall victim to the easy chair and the TV screen. According to the Empower study, 36% of respondents said they fear a lack of physical activity if they opt for full-time retirement.