Over the last three years, a large number of U.S. workers have chosen to retire early, particularly during the tumultuous days of the pandemic. As a result, the U.S. workforce has lost millions of workers to retirement. In June 2023, a model from the Federal Reserve found that the number of retirees is still elevated.
Unfortunately, those who retired couldn’t foresee the economic uncertainty that continues to ripple across the U.S. economic woes, coupled with limited incoming funds, is creating an impact on retirees and their livelihood. This is particularly true among those who retired early who now foresee the need to return to work in 2024. One in four Americans ages 62-85 are currently working and 12% of retired Americans are likely to start working again in 2024, according to the ResumeBuilder.com survey.
A Return in 2024
The ResumeBuilder.com survey of 500 people aged 62-85 found inflation and the rising cost of living are causing many to reconsider their retirement status. The decision to return to work is often multi-faceted. It’s financial for some, while others want to regain the familiar routine work provides along with its social interactions.
The good news for those looking to return to work is the prediction of a resilient job market for 2024, according to PRNewswire. 57% of respondents plan to add new permanent positions in Q1 and Q2 and 39% anticipate the ability to hire for vacated positions. 67% expect to hire contract workers, which could be a great fit for retired employees returning to the workforce on a full- or part-time basis.
Top Reasons for Returning to Work
- Inflation and increased cost of living (61%)
- Didn’t save enough money for retirement (34%)
- Need to pay debt (34%)
- Desire to combat boredom (34%)
Contemplating the Return
A majority of retirees plan to seek out a job in a new industry while a smaller percentage plan to return to their former employer. Although many retirees surveyed (78%) are excited about a return to work, others worry about age discrimination (66%) when it comes to finding a new position.
Resume Tips for Re-entering the Workforce
- Delete anything that may signal your age.
- Remove AOL email addresses, graduation dates or listing a home address.
- Highlight adaptability, technical skills and related work experience.
Retired workers can bring many positive elements to the workplace. Beyond the experience they offer, many employers are now more open to hiring older workers because of the commitment and loyalty they show to a role and an employer, something they don’t always find in younger generations.