Many Americans try retirement, then change their minds

[JustCurious]

There was an article in the NYT online yesterday titled "Many Americans try Retirement, then change their minds." The article states...

Unretirement is becoming more common, researchers report. A 2010 analysis by Nicole Maestas, an economist at Harvard Medical School, found that more than a quarter of retirees later resumed working. A more recent survey, from RAND Corporation, the nonprofit research firm, published in 2017, found almost 40 percent of workers over 65 had previously, at some point, retired.

Why are people doing this?

“It looks like something people are doing intentionally, instead of an oh-my-god response: ‘I’m running out of money; I have to go back to work,’” she said. “It’s much more about a choice.”

Longer lives, better health and less physically taxing jobs than in previous generations help provide that choice, Dr. Maestas pointed out. “You hear certain themes: A sense of purpose. Using your brain,” she said. “And another key component is social engagement.” Earning money, while welcomed, rarely proved the primary incentive.

I wanted to get this group's reaction to the article. Has anyone here retired, then changed their mind?

 

[copyright1997reloaded]

I guess I'm in that category. Retired in 2009' started teaching as an adjunct in Fall 2010. First one class, then two, then three per term. In 2013 a full time position opened up and I got it. Grading is the only pain in the job. Half of my classes are on-line so my schedule is pretty flexible (typically have 3-4 days a week with no physical class room requirement), and summers off.

Why did I do it given I was FI when I retired? The money was the least significant part, although it does help in that I haven't had to touch my 401K etc, and live on my pension from my previous job plus the money from teaching. Having health care from a job was much more significant as it eliminates a point of stress, especially since I have a child. Another factor was the desire to show a work ethic for my kid, so that dad isn't just playing all day. Finally, I like doing it - it is an opportunity to help students get a better idea of the real I/T world they are going to.

 

[harley]

Bunch of wusses, IMHO. It takes gumption to be retired. Not everyone is up to it.

 

[frayne]

Bunch of wusses, IMHO. It takes gumption to be retired. Not everyone is up to it.

And nobody respects a quitter !

 

[street]

I consider myself retired but have a part time job in the summer months. I pretty much come and go when I please. Some would say I'm not retired.

The reason I do this job is because i get exercise, I'm around people and I love being in the outdoors. I believe this might be the last year I can do because I will be making to much money. I am going to ask them if I can come in and volunteer my time and see what they say.

 

[RunningBum]

I doubt all of them are "changing their mind". My brother retired from his stressful job last year. He knew he wasn't totally done working but took a few months off to decompress. Now he's working part-time in a friend's business, and really likes it. I guess he would count as someone who has returned to work after retiring, but that was always his plan. There are probably a decent number of people like that who qualified for a pension, and maybe were even pushed out, and got another job to fill the income gap, or just couldn't imagine "doing nothing". I'm almost surprised the number isn't higher.

 

[Gumby]

I see articles like this periodically and wonder if they get straight answers from the people they ask. It is hard to say "I went back to work because I needed money," as it implies failure in planning or execution. It seems much more socially acceptable to say "I went back to work because I needed to be fulfilled or engaged." While the latter is undoubtedly true for some, I would bet the actual number is fewer than those who say that to a reporter.

 

[REWahoo]

Bunch of wusses, IMHO. It takes gumption to be retired. Not everyone is up to it.

+1

Grit and determination seem to be lacking in the current generation of retirees. I blame it on video games and social media. Our civilization is doomed if something isn't done to change this alarming decline of intestinal fortitude.

 

[harley]

Actually, I'm probably not retired according to the most stringent Retirement Police definition. I have a couple of rentals, although they are managed remotely by a management company, so all I ever do is give permission to do work on the places. I also have a small internet based business that I started as a favor to my old boss, but it has grown to actually be a decent money maker. But it rarely takes any significant amount of time, and I don't think of it as a "job".

I have been FIREd for 12 years now, and I would never take any kind of job (volunteer or paid) where I have to be somewhere at a specific time, especially in the morning. I can barely manage to get to doctor and dentist appointments on time. My time is my own, mostly, and that's too valuable to give up.

 

[traineeinvestor]

I learned a bit about myself when I quit my job – specifically, I like to have a reasonable amount to do most days but not necessarily a j#$. Something that keeps me mentally and socially engaged. Right now I've got a part time job, a research degree, a second novel in progress, some pro bono work and spend time catching up with people. Collectively it's less intensive (by miles) than being a partner in a big law firm but it's all good. Doing next to nothing works for some people, but doing keeping comfortably busy with stuff i find interesting and/or rewarding works best for me.

 

[USGrant1962]

I doubt all of them are "changing their mind". My brother retired from his stressful job last year. .... I guess he would count as someone who has returned to work after retiring, but that was always his plan.

I too decided to semi-retire when FI to get away from the megacorp nonsense. So I took 9 months or so to decompress and am now consulting ~1/4 time for a lot of the non-financial reasons discussed.

From the article, most who re-entered the workforce said they planned to do so (if they are telling the truth to random interviewers).

Most retirees who returned to work told researchers they had long planned to re-enter the work force. But among those who expected to remain retired but then changed their minds, Dr. Maestas has identified a subgroup going through “burnout and recovery.”

So like the first sentence, I "long planned to re-enter" after the second sentence "burnout and recovery."

 

[ugeauxgirl]

My job is really stressful, and no longer much fun. My two closest friends don't think I'll be able to do nothing after I retire. I think I could. I also think I might like teaching college part time, which I am qualified to do. But I certainly won't have to. And I'll be taking a year off before deciding what to do- if anything. So mark me as one of those planning- tentatively- to unretire.

 

[RunningBum]

I too decided to semi-retire when FI to get away from the megacorp nonsense. So I took 9 months or so to decompress and am now consulting ~1/4 time for a lot of the non-financial reasons discussed.

From the article, most who re-entered the workforce said they planned to do so (if they are telling the truth to random interviewers).



So like the first sentence, I "long planned to re-enter" after the second sentence "burnout and recovery."

I didn't go looking for the article. Looks like an editor decided that story wasn't catchy enough, so they put on a title that says people changed their minds, even if the article says otherwise.

 

[MRG]

I've known a few. A couple of people came back due to poor planning, 2008 didn't help them.

My BIL left a crap job with crap wages and now works for a buddy part time.

 

[Ready]

I'm not surprised by the findings in the article. Lack of social engagement can be very isolating for some people, and for those who relied heavily on work to provide it, retirement can feel lonely. I've had to really work hard to replace my work activities with enough social activities to feel satisfied. It's getting a lot better, but I continue to feel like I could use more social stimulation, which surprises me because when I worked all day I couldn't wait to get home and have some alone time.

 

[Dawg52]

When my golf game sucks I sometimes feel like I'm back at work. Nah.......

Hey I just noticed today is my 11th anniversary of ER. Hope to adjust to retirement this year.

 

[Corporateburnout]

In the 4 years I've been retired I have not come across anybody who decided to go back to work after retirement even on a part time basis. All of the folks in our tennis and swim club seem to be enjoying their retirement that returning to work has never crossed their minds.

Unless people are in need of money or badly lack a social life I can't see any reason for returning to work.

 

[Lawrencewendall]

I would imagine that with the amount of INTJs on here, the social interaction aspect would be pretty far down the list of needs, me included.

 

[Bigdawg]

Unless people are in need of money or badly lack a social life I can't see any reason for returning to work.

Wow! Judge much? And people say those of us who go back to work don't have an imagination.

I was FI when trying retirment for the first time in 2015. Was very busy but wasn't using my mind to full or even 1/2 capacity. DW was 43 and not even thinking about RE in the slightest. After 8 months a high paying awesome job with almost zero politics fell into my lap. 2.75 years in and I am still loving it. It is looking even better because there is an effort afoot to have us telecommute. Right now it is only a 20 miles drive 9 days out of 14. Just adding to the pile. As it is the boss let's us work from home for basically any reason. Sick, delivery, don't want the old dogs outside because it's raining, etc... DW is 46 now and starting to embrace possible ER in the next few years. My guess is I go to 3/4 then 1/2 time sometime in 2020 and she retires in 2022-2025 timeframe. We'll see. I went back and didn't need the money.

 

[GalaxyBoy]

I have a cousin who retired from a long career as a foreman at a paper mill then went back to work for his son as an apprentice electrician. He says he doesn't need his new job but he absolutely loves doing it. I say, if you love what you do and want to do it in "retirement," who am I to criticize? I'm a bit envious of those who manage to find a job that doesn't seem like a "job" to them. Besides, someone has to keep paying into the SS trust fund.

 

[Corporateburnout]

Wow! Judge much? And people say those of us who go back to work don't have an imagination.

My statement was in reference to the statement from the article referenced by the OP and not for people who retired in the early forties like you.

"A more recent survey, from RAND Corporation, the nonprofit research firm, published in 2017, found almost 40 percent of workers over 65 had previously, at some point, retired."

 

[ER Eddie]

I wonder if there are gender differences. Work is more central to a man's identity than it is to a woman's. Men also have a harder time creating a social network than women do. Those are two big factors drawing people to work, so I'd guess that there are more men who "change their mind" and go back to work than women.

I think the issue for a lot of men is having something that requires effort and responsibility, keeps them engaged, and makes them feel like they're doing something worthwhile. That doesn't have to be paid work -- it could be raising a family, or learning something that makes you a better person or enables you to contribute somehow, or volunteer work -- but I think it needs to be there in some form.

I personally dislike the picture of retirement as golfing, relaxing on the beach with a margarita, or playing tennis at the country club. That would bore the hell out of me after about two weeks. It would make me feel as if I was just frittering life away.

I struggle with the social engagement part. I'm just not very good at getting out there and making social contacts, then nurturing them to the point where they develop into long-term friendships. I'm semi-retired at this point, but the idea of stopping work completely makes me worried about becoming isolated.

 

[foxfirev5]

I don't see this happening in my group of associates. Of course they were roofers, block layers, concrete finishers, and carpenters.

 

[RobbieB]

Nah, I'm staying retired.

When I was working I worked straight through. Now I'm retired until death.

 

[UnrealizedPotential]

I can't see me changing my mind. Actually it was a leap of faith when I quit my job. Now some 22 months later it has gotten so much easier . I had to learn a few things about being retired, but I learned them. I'm committed to not working anymore at this point.