Retirement isn’t what it used to be — especially for women. A new report from the Transamerica Center for Retirement Studies found that nearly half of women workers (49%) expect to retire after age 65 or not at all. Among them, 13% say they never plan to retire. And even after retiring, more than half (53%) plan to keep working, often for financial reasons.
In this “Financially Savvy Female” column, we’re chatting with Catherine Collinson, CEO of the Transamerica Institute, to understand why women are redefining retirement — and what options exist for earning income later in life.
Why are so many women delaying retirement?
There are a number of reasons. People are living longer, which is prompting people to rethink their time in the workforce relative to retirement.
We’ve also experienced a major societal shift where people are expected to self-fund a greater portion of their future retirement than past generations, so they need to save more. Many are finding themselves in a situation where they’re concerned they haven’t saved enough or they’re afraid they may run out, and they continue to work.
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Many women are delaying for financial reasons, but are there other factors at play?
It’s not all financial. Many people enjoy what they do and they also enjoy the other things that come with work — the social connections with their colleagues, keeping their brains alert and having a sense of purpose. If you do what you love to do, and you’re good at it, why retire?
Retirement [means having] the freedom to use your time as you choose, and work and retirement are not mutually exclusive.
What are some creative ways for women to earn income in retirement?
There is seasonal or part-time work. During the holiday season, a lot of stores may ramp up [hiring]. That’s not a super high-paying job, but it’s a job and it’s fun — you get to be around people who are excited about the holidays.
I also see dog-sitting as a huge market. I’m a recent dog mom and I have two little guys, and I have been through Rover upside down, and I would really love to find a dog-sitter that the boys could go stay with.
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This article originally appeared on GOBankingRates.com: Women Are Redefining Retirement — Half Won’t Stop Working at 65
