The new retirement realities mean the workforce is changing. In the past, growth in the workforce has been driven by younger workers. But during the last seven years, workers age 55 and older accounted for most of the workforce growth, says Merrill Lynch. Forty percent of people age 55 and older are working, a level among this age group that has not been seen since the 1960s.
At the same time, 62 percent of those working say they are doing so because it keeps them mentally active, compared with 31 percent who say they are working for the money.
Fifty-eight percent of retirees still working transitioned to a different line of work when they retired.
Respondents were asked what advice they would give to people who want to work during retirement; 76 percent say they should be open to trying something new while 73 percent say being willing to earn less to do something they truly enjoy is important.