One in six Americans are cutting their retirements short as several consider heading back to the workforce as the economy and pandemic shifted their lives.
Retirees seeking to return to the workforce have been jobless for an average of four years and are now seeking work to fulfill ‘loneliness’ and financial gain, according to a study conducted by Paychex.
The reasons to return to the workforce varied with retires citing ‘personal reasons,’ ‘needing more money,’ ‘getting bored,’ ‘feeling lonely,’ and inflation as their push to apply for jobs.
‘Boredom is a huge problem,’ David Mendels, director of planning at Creative Financial Concepts, told CNBC. ‘Even if you hate your job, it’s a big part of who and what you are. And when you take that away, it’s a huge problem for a lot of people.’
Other retires claimed retirement wasn’t what they expected while others merely need health benefits from employers. The average retirement age is around 66, according to the Social Security Administration.
One in six Americans are cutting their retirements short as several consider heading back to the workforce as the economy and pandemic shifted their lives
Retirees seeking to return to the workforce have been jobless for an average of four years. Some claimed they were in need of more money and a way to fulfill boredom
Out of the 930 Americans surveyed by Paychex 71 percent said they would work for their previous employer while 62 percent already secured a job after retirement.
While returning to the office full-time might appear to be a step backwards, about 65 percent of retires would prefer to work 40 hour weeks.
However, retirees want workplace flexibility with 53 percent seeking remote work. About 20 percent want an in-office job and 27 percent are open to a hybrid option.
Most people agreed they weren’t fearful or upset on returning back to work but were happy, energized and excited. Others suggested they were anxious, nervous, frustrated and insecure.
Popular sectors retirees return to are in education, finance and IT. All but three percent of those surveyed claimed they faced discrimination, including ageism from younger colleagues.
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The fear of outliving their savings was one of the several reasons retirees decided to head back into the workforce
Most people agreed they weren’t fearful or upset on returning back to work but were happy, energized and excited
Retirees want workplace flexibility with 53 percent seeking remote work. About 20 percent want an in-office job and 27 percent are open to a hybrid option. Several claimed they were seeking a mid-level position
Hiring managers have welcomed back retirees, but fears over the older generation not being able to keep up with new workforce development led to some being turned away
Some hiring managers have warmly welcomed back retirees, but fears over the older generation not being able to keep up with new workforce development led to some being turned away.
Of the 206 hiring managers surveyed by Paychex, about 62 percent hesitated on whether to re-employ retirees.
Several cited ‘ignorance of industry trends,’ concerns about culturally reintegration, skill loss and motivation levels as to why they didn’t hire retirees.
Meanwhile, the retirees they brought back were considered because of their experience and potential to be mentors to younger employees.
Other factors included hiring shortages and a lack of applicants.
