Millions of retirees are returning to work looking for extra income

Millions of retirees, fearful of Social Security cutbacks, are returning to the workforce or finding new income sources.

They are going after something many other American workers also seek: better income.

Indeed, more than half of elderly employees recently surveyed said the main reason they work is “wanting the income,” according to a new study by Transamerica Center for Retirement Studies. It found “retirees are getting by financially at least for the time being.” However, “some risk outliving their savings.”

In another study, AARP, which polled respondents age 45 and over, said some 13 percent said they’re retired but seeking work.

Securing their finances — “need the money” and “save more for retirement” — is the most common reason for working, the survey said.

That is understandable. The average monthly Social Security payment is $1,420, and many are highly dependent on it.

“Social Security provides the majority of income to most elderly Americans. For about half of seniors, it provides at least 50 percent of their income, and for about 1 in 5 seniors, it provides at least 90 percent of income,” according to the Social Security Administration.

The Transamerica study also found that the next generation of retirees will face the same issue.

“Sixty-six percent of retirees indicate that Social Security will be their primary source of income over the course of their retirement.”

And this comes at a time when Social Security trustees are projecting more cutbacks unless Congress makes changes.

So how can the “retired” ease into earning some extra income? Get organized, an AARP official says.

“The first step in finding a job is to network. Tell everyone you know that you are looking for work, since you never know if an employer is looking to hire someone with your skill set,” says Susan Weinstock, AARP vice president, financial resilience program.