3% of retirees in the US rejoin the workforce
About three per cent of retired workers in the United States are heading back to work due to extreme financial need post-pandemic and the widening employment gap.
In an interview with Yahoo Money, Indeed Hiring Lab Director of Economic Research Nick Bunker said that retirees — especially those with less means — “have no choice but to return” to their workplaces.
At the start of the pandemic, millions of older workers stepped out of the workforce on their own volition, while others were slashed in payroll cutbacks.
The majority of those, though, have not signed up for their Social Security benefits, driving them to find new employment now that the economy is opening up again.
Citing a study by The New School’s Retirement Equity Lab, older employees without college degrees had a median household retirement savings of $9,000 in 2019, making it impossible for them to save up for their retirement.
AARP’s senior strategic policy advisor Jennifer Schramm noted that, “financial need is likely the driver for working at older ages,”
“Retirees with lower savings may be the most likely to seek to reenter the labor force,” Schramm concluded.
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