Persistent Workers in Retirement: European Nations with the Greatest Proportion of Pensioners Continuing Employment Post-Retirement
Going Gaga Over Golden Years: The Retirement-Averse Spree
Embrace the golden years or keep rocking the corporate world? For some, it's a no-brainer. Across the European Union, a surprising number of pensioners are giving the traditional notion of retirement a miss. Let's dive into who's leading this trend and what drives them.
The Unretired Heroes
Self-employed warriors are taking the league by storm. In the EU, a whopping 56% of pensioners still standing in the workforce are self-employed, with a modest 24% showing up as employees[1]. In countries like Sweden, Finland, and Ireland, retired entrepreneurs make up an overwhelming majority, often tipping the scale at above 90%[1].
However, it's not just entrepreneurs gearing up for another round. Older workers with higher education, benefiting from improved health and longer working lives, are also flocking to the workforce[2]. In the US, over half (53%) of working adults aged 65 or older in 2019 held college degrees[2].
The Bottom Line
Money talks, and for many, it's nudging them to keep earning. Workers with inadequate retirement savings or shaky pension coverage are increasingly being seen in offices, not rocking on their porch chairs[2][3]. A survey revealed that more than three-quarters of workers plans to continue working past age 65, mainly due to financial pressure[3].
The Unstoppable Workforce
If you thought retirement is a one-way street, think again. Estonia, Iceland, Sweden, Finland, and Ireland are beaming with working pensioners, particularly among the self-employed[1]. On the other hand, Bulgarians, Greeks, Lithuanians, and Cypriots are keeping their passion for work alive, working as many or even more hours as their common peers[1].
So, what's the secret sauce? Personal choice, financial necessity, improved health, cultural norms, and economic realities play significant roles[2][4]. The choice is yours - embrace the golden years or keep clocking in.
- Retirement
- working hours
- workers
- retirement age
- eurostat
- Pensioners
- self-employment
- entrepreneurs
- financial pressure
- education level
[1] Eurostat (June 2021)[2] The Balance Careers (January 2020)[3] AARP (2020)[4] European Commission (October 2020)
Finance plays a crucial role in the decision for many workers to continue working past retirement age, as inadequate savings and shaky pension coverage force them to keep earning to secure their lifestyle and future needs [2][3]. Despite the increasing trend of working pensioners, there are still differences in working hours between countries, with some nations like Estonia, Iceland, Sweden, Finland, and Ireland having a large population of self-employed pensioners working long hours, while others like Bulgarians, Greeks, Lifestyle, Lithuanians, and Cypriots maintain a similar work rhythm to their younger counterparts [1].
