Reason 3: Paying off a debt
A survey taken by Provision Living found that about 8% of seniors who have remained in the workforce (be it that they are working full-time or part-time) are actually doing so because they have to pay off a mortgage.
Considering how hard it is to pay a mortgage, it makes sense that people prefer to pay off their house debt before they leave the workforce, as they will have to rely on pensions and personal savings for their livelihood.
What’s more, an additional almost 12% said they are working to pay off another type of debt but did not specify what type it is. This could mean anything from credit card debt to even car or school loans! With how many people are taking out loans and how hard it is to pay them off, it is no wonder that even seniors struggle with them, especially if they’re trying to help their children.
I will be 69 in December and I still work full time including an additional 5 hours on Sunday for overtime. I do plan on retiring in December 2023 or February 2024. The reason that I haven’t retired yet is because I want to wait until I am 70 years old to be able to get the full benefit maximum amount from social security. I am eligible for full pensions from my company as I have been there for 31 years. Right now I still enjoy working and when I retire I really would like to travel but I need to find a travel companion to go with me.