1 in 8 U.S. retirees eyeing return to workforce due to high inflation
WASHINGTON, UNITED STATES — One in eight (12%) American retirees are likely to rejoin the workforce in 2024, a recent survey by ResumeBuilder.com reveals.
The U.S. company, which provides free resume templates and career resources, surveyed 500 Americans ages 62-85 and noted that retirees are looking to go back to work due to inflation and increased cost of living (61%).
Others said that they may return to work because they did not save enough money for retirement (34%), to help pay debt (34%), and to combat boredom (34%).
The survey also disclosed that 25% of older workers had retired at one point but are now back to work because of inflation, enjoyment of work, and insufficient retirement savings.
Only eight percent of those still working intend to retire in 2023.
Around 34% of soon-to-be “unretirees” hadn’t saved enough for retirement previously. Over three-quarters are enthusiastic about returning to work, though two-thirds worry about age discrimination.
Most would seek jobs in new industries (59%) or with different employers (27%), while 14% would go back to their previous workplace.
“Clearly the driving factor for a majority of seniors returning to work is financial but this is not the only reason for many,” says ResumeBuilder Chief Career Advisor Stacie Haller.
“I often meet with retirees who find that they miss the camaraderie of working with others… Many are excited about trying something new or something they always wanted to explore.”
In-person roles are preferred by 45%, fully remote by 32%, and hybrid or no location preference by 11% each.
“Additionally, remote work has helped retirees return to work as it creates more opportunities for those who may no longer be able to commute or spend long days in the office,” says Haller.
