Although she’s officially retired, Amy Holler has rejoined the workforce.

“I didn’t want to go back to work, but I had to for financial reasons,” said the Long Island resident.

The 69-year-old former office supervisor has taken a part-time job as a school crosswalk monitor near where she lives in Valley Stream, N.Y. “I worked a few temp jobs before I found this position,” Holler told Financial Advisor magazine.

Holler is among the recent retirees who have gone back to work. New research from T. Rowe Price finds that 22 percent of recent retirees have rejoined the workforce, 9 percent are actively looking for work after having retired and 18 percent are earning at the same level as before they retired.

“Boomer retirees are working in different capacities, such as part time and as independent contractors or consultants, in order to earn extra money,” said Anne Coveney, senior manager of Thought Leadership, the research arm of T. Rowe Price that uncovers investor trends and behaviors.

T. Rowe Price revealed its study findings at a press breakfast recently at The Westin New York Times Square. “We’re seeing the first generation of retirees who have some accounts beyond just a pension,” Coveney said. “They may have pensions as well as 401(k) plans, but the pensions are not as much of a source of income as in previous generations.”

After 2.7 years in retirement and at an average of 66 years old, early retirees are living on 67 percent of their pre-retirement income, the research shows.

“It’s a good sign,” said Coveney. “It indicates that they are planning for many years in retirement.”

However, many are not tapping into their 401(k) plans or IRAs immediately. Some 51 percent have a formal withdrawal plan, and of those who are making withdrawals, 11 percent are withdrawing 1 percent, 9 percent are withdrawing 2 percent and 7 percent are equally withdrawing 3 percent and 4 percent.
“They are not taking out much money because it’s early in their retirement,” Coveney said. “As they get further along, their situations might change in terms of health care, so they do need a withdrawal plan because they will need that money.”

With 18 percent of household income coming from pension plans, 42 percent from Social Security and 17 percent from retirement accounts, including 401(k) plans and IRAs, there’s an opportunity for financial advisors to create formal withdrawal plans for their retired and pre-retiree clients. “It’s a new area for financial advisors to tap into,” said Coveney.