Most Americans will need to tap into various income sources to make ends meet in retirement. Social Security is the obvious choice, along with money accumulated in workplace retirement accounts, Individual Retirement Accounts and other savings.

But what about employment-related income? Once people reach retirement age, will they have an easy time landing or keeping jobs if they need extra cash? Are there tax or other factors that discourage this?

A recent survey uncovered misconceptions here. The Employee Benefit Research Institute asked people who are currently employed about the types of income sources they expect to tap in retirement. Their responses varied significantly compared to what retirees actually receive.

In other words, people who already are retired rely much less on job income compared to what working-age adults think will be available. And that means future retirees might need to depend more heavily on Social Security, retirement accounts and personal savings than they expect.

Jobs for older workers can be elusive

Even though the unemployment rate is low and millions of jobs are up for grabs, older applicants usually can't just waltz in and get hired.

After sustaining some personal financial losses, Scottsdale resident Paul Gugel started looking for employment at age 58 after a 10-year hiatus from the workforce. It took five years before he landed a job as corporate counsel at SunUp America, a Phoenix company that installs residential solar panels.

Federal law prohibits employers from treating job applicants and employees who are 40 or older differently from others, on the basis of age.

Yet Gugel, now 66, said he’s “fairly certain age bias is out there,” reasoning that many employers want to fill positions as efficiently and inexpensively as possible. “I think the natural conclusion hiring managers reach is that younger equals less expensive,” he said in an email, adding that working-age adults also might be easier to train and assimilate into a company’s culture.

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Gugel said that while the job-hunting process was about as difficult as he expected, he still encourages older job-seekers to apply, arguing that there’s no harm in trying. But he also cautions against stating your age on applications or in interviews.

In a survey of previously retired workers by employment and business consultancy Robert Half, 34% of respondents said they returned to the workforce because they needed to save more money than previously thought.

“Many take on project or consulting work in line with what they had done before retiring,” said Travis Laird, a senior regional vice president for the company.

Retirement-age workers bring decades of experience, understand workforce best practices, often can adapt quickly to an organization’s culture and provide mentoring possibilities for younger workers, Laird added.

As for social media, computer expertise and other technology-focused skills that are more prevalent, Laird said retirement-age individuals aren’t the only ones who might need help. “All employees need some training to get up to speed with new programs, digital transformation and other tools,” he said.

Other factors can discourage working in retirement

Besides the challenges of job hunting, there are other reasons that most retirement-age people don’t pursue work. Some don’t need the money, others might face health issues and still others are wary of the tax and other hurdles.

Suppose you are collecting Social Security benefits while still employed or returning to work. People can start collecting at age 62, but they risk giving up some benefits if they haven’t yet reached full retirement age (generally 66 and up for most current workers). Details vary, but younger retirement-age individuals who stay employed or return to work could see $1 in Social Security benefits withheld for every $2 in pay above a certain income amount ($21,240 for 2023).

Another obstacle is that job pay, coupled with retirement-plan distributions and other income, could make most of your Social Security benefits taxable (depending on income and other factors).

Not all that many retirement-age people are working. About 10.9 million Americans 65 and up are employed, of whom 62% work full time, according to the Bureau of Labor Statistics.

But the labor participation rate, or the number of people who are working or actively job hunting compared to the population as a whole, tells a different story. The participation rate for adults overall is 62.6%. But that drops to 19.2% for people 65 and up and just 8.3% for those 75 and older.

Working-age adults expect retirement jobs to be available

In the EBRI survey, just 23% of the retirees surveyed said they were now receiving job income. Yet 73% of working-age respondents said they saw employment income as a viable income source once they reach retirement age.

The survey of more than 2,500 adults, conducted Jan. 5 to Feb. 2, affirmed the importance of having different income sources to draw on. But while employment income is one way to help make ends meet in retirement, it’s not always a desirable or practical option.

That means people entering retirement might need to make their other income sources — Social Security, retirement plans and so on — work even harder.

Reach the writer at russ.wiles@arizonarepublic.com.

This article originally appeared on Arizona Republic: What you think you know about working in retirement may be wrong