So-called employment extenders — those who continue to work in their fields beyond the traditional retirement age — make up the fastest growing segment of the labor market, according to a new research paper released by Easterseals and Voya Cares, a program of Voya Financial. And those workers may provide a solution to employers challenged by a tight labor market, according to the survey conductors.

Financial reasons for employees to continue working include maintaining a current lifestyle, preparing for inflation or increased cost of living, and having a safety net. According to the research, reasons given for extending employment past retirement age:

  • 29% “Want to Work.” These individuals still are working because they like it. Work gives them a sense of purpose, and it keeps their minds active.
  • 22% “Part of the Plan.” Most of these workers previously retired from another career. They are working because they want money for retirement, but they don’t necessarily need it.
  • 31% “Worriers.” These are the workers who are most concerned about unexpected expenses in retirement and are concerned about maintaining their current lifestyles.
  • 18% “Need to Work.” These workers had hoped to retire sooner but need money both today and when they retire — and they are worried that they will outlive their savings.

“While stereotypes persist about older workers and their contributions to the productivity and cost of an employer’s workforce, the fact that more people over 65 are employed — due to a variety of population and social factors — is well-established,” Jessica Tuman, vice president of Voya Cares and Voya Financial’s ESG Practice Centers of Excellence, said in a statement. “Employers who are challenged by a tight labor market need to look no further than their own workforce to help ease the shortage of workers.”

Commissioned by Voya Cares in collaboration with Easterseals, Edge Research conducted a national survey in August 2022 of 1,062 employment extenders. Half of this group consists of adults aged 50 or more years who previously retired from one career but are still working at another job today. The other half includes adults who are at least 65 years old and currently do/plan to work past retirement age, retiring at age 70 or later or not at all. Survey respondents were recruited through an online non-probability sample.