Final answer:
Approximately two-thirds of older adults who returned to work after retirement did so by choice, while one-third returned to meet financial needs. Retirement decisions are based on individual circumstances, and trends can shift due to economic factors like the 2008 recession.
Step-by-step explanation:
In a study conducted in 2006 of older adults who had returned to work after retirement, approximately two-thirds reported that they had done so by choice as it made them happy. By contrast, about one-third reported that they had to return to work in order to meet financial needs. This information highlights how retirement is approached from differing perspectives depending on individual circumstances such as health, finances, and personal choice.
Retirement trends have evolved over time, with many individuals working past the typical retirement age either for financial reasons or because they desire to remain active and engaged. With improvements in healthcare and an emphasis on healthier lifestyles, many older adults are capable of extending their working years, thereby positively affecting their ability to save for retirement.
However, the 2008 recession impacted many, reversing the trend of declining elderly poverty by putting some at risk of late-age destitution. This underscores the precarious financial situation some face in retirement, compounded by the necessity of social security benefits for a significant portion of retirees.