A recent study has found that partial retirement is becoming more popular with aging Americans.
Analysis from the University of Michigan Research Center has found that 20 percent of workers between the ages of 65 and 67 hold a “bridge” job between working full-time and living in full retirement. That figure represents an large increase from 1960, when between 5 and 10 percent of workers held a bridge job.
The researchers also found that workers are slowing down earlier. 15 percent of workers aged 60 to 62 are partially retired. The study found that, in 1960, partial retirement in this age group was almost nonexistent.
The study defined “partial retirement” as holding a job in which the earnings are 50 percent or less of the highest income the individual has had in his or her lifetime.
Researchers said the change has been affected by the general unemployment rate and by the economy, with some workers needing to put off full retirement. Also, according to the research, some older individuals may be financially secure but want to stay active. They do not want to work full-time, so they are willing to work part-time for less pay.
Contact an Elder Law attorney in New York at Littman Krooks by calling (914) 684-2100