A new survey from resume building website ResumeBuilder.com shows that, among U.S. adults ages 60–75, 27% say working is financially necessary for them, highlighting the financial realities shaping how some older adults approach work and retirement.
Among those working, looking for work, or considering returning to work, respondents cite the high cost of living, concerns that Social Security will change, rising Medicare or healthcare costs, and not having saved enough for retirement as leading reasons.
Key Findings
- Retirement is a financial balancing act: 27% say working is financially necessary, while 28% cite the high cost of living as a reason they are still working, looking for work, or considering returning to work.
- Uncertainty looms: 37% say they are not very or not at all confident they have or will have enough money to maintain an acceptable standard of living throughout retirement.
- Many have little or nothing saved: 19% say they have no retirement savings at all, and 29% say they have used at least some of their retirement savings early to pay current expenses.
- Economic conditions are changing spending habits: 48% say they have reduced their spending over the past year.
Financial Pressure Is Shaping Retirement Decisions
For some older adults, work remains closely tied to financial need:
- 27% say working is financially necessary for them.
- 18% say working is primarily a choice rather than a financial need.
Among those currently working, looking for work, or considering returning to work, specific financial pressures help explain why:
- 28% cite the high cost of living.
- 17% are concerned Social Security will change.
- 16% are concerned Medicare or healthcare costs will increase.
- 15% say they have not saved enough for retirement.
“We often talk about retirement as if reaching a certain age automatically makes work optional, but for many older workers, the reality comes down to whether they can afford to stop,” says Stacie Haller, Chief Career Advisor at ResumeBuilder.com. “When the cost of living is high, healthcare costs are rising, and people aren’t confident they have enough saved, retirement plans can change quickly. These findings show that economic pressure doesn’t just affect whether someone keeps working. It can also change how they spend, save, and plan for the years ahead.”
Confidence Is Running Thin
Retirement doesn’t necessarily bring financial peace of mind. When asked how confident they are that they have or will have enough money to maintain their standard of living throughout retirement, just 20% say they are very confident.
- 43% say they are somewhat confident.
- 22% say they are not very confident.
- 15% say they are not at all confident.
The Cost of Clocking Out
The line between retirement savings and current expenses is already blurring for some Americans, while others report having no retirement savings at all:
- 19% say they have no retirement savings at all.
- 11% say they have withdrawn a significant amount of retirement savings early.
- 18% say they have withdrawn a small amount of retirement savings early.
- 52% say they have not used retirement savings earlier than planned.
Economic Pressure Is Changing Behavior in Real Time
Beyond savings withdrawals, the broader economic climate over the past year has pushed older Americans toward a range of adjustments, from everyday budgeting to bigger decisions about when, or whether, to keep working. The most common tactic is to reduce their spending (48%).
For others, that pressure is reshaping the retirement timeline itself:
- 12% have considered returning to work after retirement.
- 9% have delayed their expected retirement.
- 6% have actually returned to work after retirement.
Some are looking for ways to bring in more income:
- 9% have taken on an additional job or source of income.
- 3% have looked for a higher-paying job.
- 3% have increased their working hours.
- 2% have reduced their retirement contributions to free up cash now.
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