: One group is more likely to be forced back to work after retirement

by | Sep 8, 2023 | Stock Market

Women who take time out of the workforce for family caregiving needs face a number of financial obstacles and face an increased likelihood of having to return to work after retirement due to lack of sufficient funds. That’s one takeaway from a recent Schwab study that found that 30% of women who had taken time out of the workforce returned to work after having retired, compared to 14% of men who also had taken time out of the workforce.

Women returning to work after retirement likely didn’t have enough money and may have had smaller Social Security payments because they stepped out of the workforce and had lower earning years due to caregiving, according to Susan Hirshman, director of wealth management for Schwab Wealth Advisory and the Schwab Center for Financial Research.  Women were twice as likely as men to take time out of the workforce while employed, largely driven by family and health needs, Schwab found. Those who took time out of the workforce also were …

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