Liam Gibson | Wealth of Geeks

Working through retirement may seem like an absurdly oxymoronic approach to one's golden years, yet it's becoming the norm.

Over two-thirds (69%) of unretired investors report they may work or continue working after retirement. In addition, nearly half say they have no choice - that they'll need to do so to supplement their retirement income.

These findings from a recent survey conducted by Nationwide Financial suggest the traditional definition of retirement is changing as Americans live longer, look for sources of fulfillment, and to generate sufficient income to last a lifetime.

Uncertainty stemming from market volatility and rising inflation has forced many to revise their long-term outlook. According to the survey, many workers are considering post-retirement work and relocating to more affordable or tax- efficient parts of the country.

The trend signals the ever-present need for prudent planning so individuals can remain financially secure and personally fulfilled to make the most of post- career years.

Rethinking Retirement
The rising cost of retirement is causing more retirees to return to the
workforce. There are a host of drivers: from increased life expectancy and
rising healthcare costs to the desire (or need) for additional income as well as
the sense of meaning derived from work.

Many retirees want to aim for something bigger than the little flag on the golf green - they want to undertake something fulfilling in retirement that keeps them mentally and socially engaged.

The tendency of older workers to stay in the workforce is a long-term trend that has been gaining pace since at least the turn of the century. From 2000 through 2015, the labor force participation rate for American men aged 65-69 rose from 30% to 37%, while for women, it rose from 19% to 28%.

''Advisors have to adjust to more retirees working part-time,'' says Jonathan Bird, a financial advisor at Farnam Financial. ''There is a significant difference in the quality of life and longevity between retirees who stay active and those who don't. If starting a side business while in retirement makes you excited to get out of bed, then get after it!''

What About Social Security?
It's essential to factor in Social Security benefits when weighing up whether to
work during retirement. Most retirees expect social security to fund 70%-80% of
their pre-retirement earnings.

This means they would need extra income to help supplement their lifestyle.