The spiraling cost of living, the stuttering stock market, the rapid rise in interest rates, which are at a 40-year high, and a tight hiring environment has, as we know, led to a lot of flux within the jobs market. However, there is one big change happening that is only starting to gain traction recently, and that is the return of retired workers to the workforce.
It is a phenomenon that is being called “unretiring”, and in fact, an estimated 1.5 million workers have re-entered the labor market, according to recent Labor Department data.
The Federal Reserve Bank of St. Louis estimates that 2.4 million additional Americans retired during the first 18 months of the pandemic as Covid-related concerns and company schemes pushed them towards early retirement. However, as costs continue to rise, many retirees are now returning to the workforce, while almost half of those who had planned to retire in 2022 are taking another look at their options.
A recent survey from Quicken shows that 48% of those who reach retirement age this year are reconsidering their options, while an additional 25% of 58-74 year olds who were not planning on retiring this year are already planning to work longer and increase their 401K contribution – with 65% admitting that rising inflation costs is their motivating factor.
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For those on a fixed income returning to the workforce may be a primarily monetary concern, the think tank and consultancy group Age Wave in collaboration with Edward Jones found that there may be some behav …