Virginians over the age of 65 are still working instead of retiring

An old man still workingPhoto byCNBC Screenshot

According to Patch Virginia, a recent study shows that a number of Virginia residents over the age of 65 are still working. While some Virginians are leaving the workforce after they reach 65 years old, many are still working long past that age.

Residents still working

Here are some reasons eligible people in Virginia postpone retiring, according to the financial website LendingTree:

• limited retirement funds
• changes to Social Security
• a rising cost of living

Researchers agree that other factors keep older people working when they reach retirement age or returning to work after retirement.

• improved health
• flexible jobs available
• not enough money saved for retirement
• social reasons
• emotional benefits

Matt Schulz, chief credit analyst at LendingTree, said:

“These increases could be a concerning sign that more and more older Americans are finding themselves needing extra income in their so-called golden years.”

Schulz added:

“Inflation could be taking a major toll on the assumptions that these people made about what they’d need to get by in retirement."

Returning to work after retiring

It is not unusual for people to retire from one job only to get another job. Most of the time, it is because they can't make it financially on their retirement pay. They also find a need to get out of the house and do something for their social and mental health.

There are things to consider before you retire and before returning to work after retirement. Consult the Virginia Retirement System for answers to your questions before making those major decisions.