40Plus Perspectives

Giving Back in Retirement

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For many retirees, volunteering is not a step down from work. It’s a step forward into a more balanced, meaningful life.

An increasing number of people are returning to work (unretiring) because of financial reasons and non-financial social and emotional benefits.

According to T. Rowe Price’s 2022 Retirement Saving & Spending Study, approximately half (48%) of those working in retirement felt they needed to work for financial necessities, while a similar portion (45%) chose to work for non-financial benefits. These reasons also vary according to demographics including gender, marital status, and household investable assets.

The non-financial reasons that retirees consider returning to work are because it provides purpose, identity, and social interaction that are often not met in retirement. Volunteering provides similar benefits and is greatly needed according to research from AARP and the Corporation for National Community and Service.  

In 2023, the U.S. Census Bureau and AmeriCorps reported that formal volunteer participation (working with an established organization) fell to 23.2% in 2021, the lowest recorded level in nearly two decades. These organizations include charities, hospitals, schools, and government agencies. Informal volunteering can also meet these needs, but in a less structured way, for example spontaneously helping out a friend or neighbor.

Purpose Without the Pressure

A long career conditions us to equate purpose with productivity and paychecks. In retirement, that equation often stops working.

Volunteer work provides a strong sense of purpose without deadlines, performance evaluations, or financial dependence. Retirees can contribute their skills and experience in meaningful ways while preserving the freedom retirement is meant to offer.

Freedom and Flexibility Matter More Than Ever

One of the greatest benefits of retirement is control over time. Returning to work—even part-time—often reintroduces fixed schedules, obligations, and expectations.

Volunteering typically offers far greater flexibility. Retirees can choose causes they care about, set boundaries around time commitments, and adjust involvement as energy levels, health, or personal priorities change. This flexibility supports a healthier, more sustainable retirement lifestyle.

Mental, Emotional, and Social Well-Being

Research consistently shows that volunteering supports:

• Lower rates of depression and loneliness
• Stronger cognitive health
• Greater life satisfaction

Unlike paid work, volunteering strengthens emotional well-being by emphasizing contribution, connection, and shared purpose rather than performance or status. Many retirees find volunteer environments more welcoming, collaborative, and aligned with their values than traditional workplaces.

Redefining Identity Beyond a Job Title

One of the hardest parts of retirement is letting go of a professional identity built over decades. Returning to work can temporarily restore that identity, but it may also delay the deeper work of redefining who these retirees are now.

Volunteering helps retirees shift from what they did to who they are becoming: mentors, advocates, caregivers, leaders, and community contributors. This may be especially true if they are volunteering in their areas of expertise. These identities are flexible, enduring, and better aligned with the realities of later life.

Engagement That Supports Health and Longevity

Volunteer roles can be tailored to physical ability, stamina, expertise and interests, whether that means mentoring, tutoring, board service, community outreach, or behind-the-scenes support.

Paid work is often less adaptable as health needs evolve. Volunteering allows retirees to stay engaged longer without risking burnout or overcommitment.

Meaning, Legacy, and Giving Back

Many retirees reach a stage where meaning matters more than advancement. Volunteering offers a powerful way to give back, pass on wisdom, and support causes that reflect personal values.

The sense of legacy that comes from helping others often brings deeper satisfaction than additional income—especially for retirees who are financially secure.

A Thoughtful Transition, not a Return to Obligation

For those unsure about fully stepping away from work, volunteering can serve as a bridge to retirement. It maintains structure and engagement while allowing space to explore new interests and redefine success on one’s own terms.

How Retirement Coaching Helps

Choosing between work, volunteering, or other pursuits isn’t a one-size-fits-all decision. A retirement coach helps clients:

• Clarify what they truly want from this life stage
• Align activities with values, health, and lifestyle goals
• Design a fulfilling retirement that balances purpose, freedom, and well-being

Retirement isn’t about staying busy—it’s about staying aligned.

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