Americans are working longer in life than they used to. In some cases, it’s to make ends meet, and in others it’s simply to make retirement more enjoyable. The question for all these seniors is, which jobs will meet their needs?
New research offers some answers. A study by the National Bureau of Economic Research, a Massachusetts-based nonprofit that is the top outlet for academic economic research, broke down what makes a job “age-friendly.” The occupations most favored by workers over age 50, the study said, are physically undemanding, offer flexible hours, cause little stress, are inclusive of all age groups and allow seniors to flex their “soft skills,” such as team building and solving interpersonal issues.
And the study has good news: According to these criteria, the U.S. economy added 49 million “age-friendly” jobs from 1990 to 2020.
“It’s really wonderful that we’re seeing so many more age-friendly jobs,” said Carly Roszowski, the vice president of financial resilience programming at the senior citizens group AARP. “I think what’s really important is … to make sure that we’re not only creating these age-friendly jobs, but that they’re a part of age-friendly and age-inclusive cultures.”
Americans’ working lives have been growing for the past three decades. A study by the polling company Gallup found that from 1991 to 2022, the average U.S. retirement age rose from 57 to 61. And even in retirement, an AARP survey found that 29% of retirees are either already working or expect that they’ll need to do so.
In many cases, this is a matter of financial necessity. The tumult of today’s economy has eroded seniors’ cash savings and battered their retirement portfolios. Last year the S&P 500 fell 19.4%, its worst yearly performance since 2008. Meanwhile, persistent inflation has cut into savings — last June, the consumer price index rose year-on-year by 9.1%, a rate not seen since the early 1980s. While it’s now down to 6.4%, that’s still a hefty increase.
Aside from the income, holding a job in retirement can have many advantages. Many retirees have said that working — whether part-time or even at freelance gigs — keeps them socially, mentally and physically active. In some cases, their financial advisors have witnessed the benefits.
“I highly recommend that all retirees find some form of work — freelance, volunteer or otherwise,” said Kyle Simmons, the founder of Simmons Investment Management in Broomfield, Colorado. “Oftentimes, the switch from full-time employment to retirement can be quite difficult to go through, and part-time work can help tremendously with that.”
So what are the best jobs for retirees and near-retirees? Based on its criteria for “age-friendliness,” NBER put together a list, which AARP has analyzed. For seniors looking for work and advisors looking to point them in the right direction, here are the top five occupations: