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One in five retirees looking to return to work due to inflation

Chris Jones, CFP

Jones Financial

One in five retirees looking to return to work due to inflation

Inflation is spurring many retirees to consider unretiring, but there are many other benefits to continued work.

High inflation is affecting nearly everyone in the country right now, and seniors are no exception.


According to a survey conducted by Resume Builder, one out of every five retirees plans to return to work this year. Why is that? The expense of life is rapidly increasing.


Where will these folks work when they re-enter the workforce? Nineteen percent want to return to their previous employer, 23 percent will stay in the same field but try a different company, and more than half (58 percent) would switch industries entirely.


Experts suggest that, aside from financial considerations, the widespread availability of remote employment is luring some retirees back into the labor.


Returning retirees had this to say about remote work:

  • Although 31% prefer remote employment, they are willing to work in person.

  • Only 18% of employees will work from home.

  • Although 17 percent prefer in-person meetings, they are willing to work remotely.

  • Only 17% of people will work in person


Inflation is by far the most common reason for persons delaying retirement, with over 70% stating that rising living costs are a major concern.


The basic line is that individuals are concerned about their financial situation. 44% of respondents polled said they are "somewhat anxious" about their finances, with 39% saying they are "very concerned."


Expenses are also rapidly rising. Over three-quarters of retirees indicated their daily expenses had risen "slightly" or "somewhat" in the previous three months. Another 19 percent said their retirement savings are insufficient.


Among the other reasons for returning to work are:

  • Acquiring a new skill or avoiding boredom (24 percent )

  • Wishing to benefit from the new distant work culture (23 percent )

  • Wanting to take advantage of the labor shortage's plenty of employment (22 percent), and

  • Trying to pay off medical bills related to the pandemic (13 percent ).


It's not all bad news. In fact, 52 percent said they're enthusiastic about returning to work, and are looking forward to new challenges, social interactions, and meaning and purpose of continued work.

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This publication is designed to provide general information and is for discussion purposes only. The effectiveness of any strategy is dependent upon each individual’s facts and circumstances. This article does not provide legal, tax or account advice. Because of the possibility of human or mechanical error, the accuracy, adequacy, completeness or availability of any information is not guaranteed.
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