When most people think of retirement, the first thing that comes to mind probably isn’t working, but that’s becoming the reality for more and more people.
Working past age 65 has now become the new normal with many Americans delaying retirement or planning not to retire at all.
“More than half of boomers and Gen Xers don’t have enough in retirement savings and aren’t project to to even meet their basic retirement needs," explained Nora Duncan, the state director for AARP Connecticut.
Galinda Naltova said she’s one of them.
“I’m already in that situation. I’m looking for anything to give me extra income and help my family," Naltova added.
She visited West Hartford’s Senior Job Bank Tuesday afternoon, where 1,500 people registered last year. Not quite at retirement age, she says she’s over 50 and worried about the future. Like many aging Americans, she has college-age children and elderly parents to care for.
“Lots of stress," said Naltova.
In a recent USA Today survey of more than 1,100 adults between the ages 45 and 65, nearly a third said they will work part-time after retirement, some even plan to have full time jobs. Experts said a combination of the recession and the absence of a savings plan are to blame.
“We haven’t recovered fully and people lost a lot of money, they lost jobs. They had to take out second mortgages, they’re not done recovering from that," Duncan explained.
Seventy-six-year-old Bob Cave said he has eight very important reasons to hold a day job: three kids and five grand kids.
“Unfortunately, two of them are in Colorado," Cave explained.
After years as an executive, Cave keeps working to keep the same lifestyle instead of downsizing.
“I try to get my family together every year. So, in order to do so I felt I needed some extra money," said Cave.
He started off flipping homes after volunteering for Habitat for Humanity. He's not afraid to get his hands dirty. He likes updating the kitchens himself. Now, he's bought lots and has started building houses on them. He's helping with that too.
Duncan points out that while many seniors have to work, others want to stay employed.
“Looking to do something new, something different, something aspirational, maybe profit with a purpose," she explained.