HONOLULU (KHON2) — At the beginning of the pandemic, in 2020 and early 2021, those able to retire did. However, in the last year things have changed. Now more people are doing the opposite, coming out of retirement and back into the workforce.
Resume Builder conducted a survey asking hundreds of people 54 and older, why they left retirement and went back to work. The answer was most likely due to inflation.
Their study suggested with the current labor shortage there are more opportunities for retirees to pick up a part-time job to make some extra cash on the side.
Their study found 1 in 5 retirees said they would most likely be returning to work this year due to the rise of inflation and costs of everyday living.
“There is no longer a retirement age and people want to be engaged longer,” commented career consultant Stacie Haller. “Others are returning to the workplace for financial reasons, and in this new work world, there are now more options for them to return with the advent of remote work [and] more part-time work for older workers who cannot commit to a full workweek.”
With a major shift in workplace priorities over the past two years, the study showed many un-retirees will want to take advantage of the flexibility of remote work. The largest group, at 31%, say they would prefer a remote position but will work in person, if need be.
“Remote work is a priority of older workers returning to the workforce and a very welcome way to continue working past the age where they may have previously felt their only option was retirement,” said Haller. “Many no longer want the heavy travel schedule they may have had to endure, especially now that work/life balance is such a big part of workplace conversations.”
Meaning those who have not yet retired can hold off on retirement if they feel comfortable with their remote job or schedule. Or if those close to the retirement age do not feel like they have the means to support themselves financially without working.
“So many candidates have shared with me that they want more of a life but still want to work and contribute,” she continued. “Remote work is important for those with aging physical challenges who can now continue to work and be productive from home. Remote work is also more financially viable for older workers as the cost of commuting has climbed and remote work becomes a huge way to save on costs.”
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To read the full study by Resume Builder head to their website.