In 2009, AARP conducted a survey of members to analyze their commitment to volunteer work. Not surprisingly, more than half of those surveyed said they volunteered each month. Just as in the previous survey in 2003, 51 percent of those surveyed volunteered.

But one thing did change from 2003 to 2009--the number of hours volunteered dropped from 15 hours per month to 6 to 9 hours. This may be because some seniors have returned to work full- or part-time in order to cope with recession-era financial worries.

Instead of searching for paid work, another option is available to senior homeowners age 62 and older: A reverse mortgage. Using the equity in your home to create a line of credit for emergency funds, taking out a lump sum to pay off bills or make home improvements, or opting for a monthly supplement to your income can be a smart financial move. Compare quotes from reverse mortgage lenders to determine if this is right for you.

Emotionally, volunteer work can be even more rewarding than paid work, as long as you take the time to search for a volunteer opportunity that suits your interests. The AARP study says that the chief motivating factor for volunteering is "feeling a personal responsibility to help others when they need it."

Benefits of Volunteer Work

People who volunteer find numerous benefits in their work. Volunteers often:

• Experience better health and greater satisfaction with their life, according to researchers.
• Use the skills they learned at work to help organizations and individuals.
• Learn new skills that keep them physically active and mentally alert as they age.
• Meet new people who share their interests.
• Find the work emotionally rewarding as they help those in need.
• Enjoy flexible schedules, allowing time for travel, socializing, or long breaks between projects.

Whether you prefer teaching someone to read, restocking a food bank, or volunteering at a local hospital, one thing is certain: Volunteers are always needed (and appreciated!) somewhere.