Economic Insecurity Enticing Senior Adults Return To Work
September 2, 2022
by Michael Yublosky
David Nadelle reported just yesterday on Go Banking Rates “More Americans Are Returning to Work After Retiring During the Pandemic”. If you have been following our articles here on Insights you already knew that.
During the pandemic millions of older workers were either forced to retire due to COVID or chose to do so. Some 2.4 million Americans retired in excess of the normal number of workers retiring.
Nadelle wrote that we’re now seeing an increasing number of those senior adults unretiring and returning to the workforce. FOX Business reported some 3.2% of retirees returned to work in July 2022. Gallup reported that “the average reported retirement age is back to pre-pandemic levels (61 years), as is the age in which non-retired people expect they will retire (66 years).”
Nonfarm payrolls rose by 315,000 in August as reported just today while on the other hand unemployment rose to 3.7% as more Americans are looking to return to work. The percentage of older workers in the workforce is expected to increase by the end of this decade.
David points out several financial reasons for the unretirement trend, including:
- Earning higher Social Security benefits
- Fears of an upcoming recession
- Inflation’s impact on the cost of living
- Increases in consumer prices
- Loss of employer benefits
Note: I do think he has missed some of the non-financial reasons senior adults return to work I’ve written about including boredom, loneliness, a quest for a sense of purpose, etc.
On the positive side some senior adults returning to work have an advantage. The low unemployment rate is coupled with a large number of well-paying jobs. If they can meet the job requirements, older workers can demand additional benefits, flexibility and pay.
What is your reason to return to work? Enter your comments below. We’d appreciate your doing so.
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