Millions of retirees returning to work need more income

Millions of retirees, fearing social security cuts, return to the labor market or find new sources of income.

They are looking for something that many other American workers are looking for: better incomes.

Indeed, more than half of older employees surveyed recently said the main reason they work is "wanting income," according to a new study from the Transamerica Center for Retirement Studies. He found that "pensioners are doing financially well at least for now." However, "some may survive their savings."

Another study, AARP, with respondents aged 45 and over, said that 13% of them said they were retired but looking for work.

Ensuring their finances – "need money" and "save more for retirement" – is the most common reason for working, the survey said.

This is understandable. The average monthly social security payment is $ 1,420, and many depend heavily on it.

"Social security provides the majority of income to most older Americans. For about half of the elderly, it provides at least 50% of their income, and for about 1 in 5 seniors, at least 90% of the income, "said the Social Security Administration.

The Transamerica study also revealed that the next generation of retirees would face the same problem.

"Sixty-six percent of retirees say that social security will be their main source of income during their retirement."

And this comes at a time when social security administrators are planning more cuts, unless Congress changes.

So how can "retirees" earn extra income? Be organized, says an AARP official.

"The first step in finding a job is to create a network. Tell everyone that you know you are looking for work because you never know if an employer is looking to hire someone who has all of your skills, "said Susan Weinstock, Vice President of the Financial Resilience Program. , AARP.