Is “Un-Retirement” Part of Your Future?

Outside of a significant dip during the Covid pandemic, average life expectancy has consistently risen in the United States, from 47.2 years old in 1918 to 77.5 years in 2022, according to the U.

S. Department of Health & Human Services . Consequently, while the age of retirement has barely moved since Social Security was established in 1935, the time people spend in retirement continues to increase.

The latest Gallup numbers show most Americans are retired for between 13 and 21 years . The longer you spend in retirement, obviously, the more money you’ll need. 58% of retirees say Social Security is a major source of income.

Plus, with prices rising faster than income levels, AARP reports more than two-thirds of adults over 50 worry about their post-retirement finances . As their golden years approach, only 40 percent of Gen X workers believe they’ll be able to save enough to retire comfortably. And one-third of retirees in the U.

S. may take on part time or temporary jobs to make ends meet. 20% already have.

And there are no more Walmart greeters . Generational Trends in Side Hustles While you may think millennials and Generation Z have cornered the market on side hustles, they’re far from the only ones. Granted, more than half of the younger generations do take on side jobs and gig assignments, to the tune of around $1200 a month in supplemental income.

But the number of independent contractors in the U.S. rises every year .

In 2023, it’s estimated 64 million people we.