Inflation Driving Seniors to “Unretirement”

Months, or possibly years, following the “Great Resignation”, many older adults who took early or unplanned retirement due to the pandemic may have discovered that the golden years have now lost some of their luster.  Inflation, lack of purpose, boredom, or social isolation can put an unexpected spin on newly-acquired free time.  But with some planning and adjustment, retirement can be fulfilling and even exciting. 

Because of the recent spike in the cost of rent, groceries, and gas, a recent survey revealed that 25 percent of Americans said they plan to delay their retirement.  For older adults who made the decision (or were forced to) to take retirement in 2020 or 2021, surging inflation may be changing plans to travel, and many older adults are looking for part-time work to supplement their savings. 

Although it appears there are many high-paying jobs flooding the market that would be ideal for older adults, they may not be as wonderful as one might expect.  Hours can be unpredictable and interfere with plans to travel or spend time with family, and with fewer employees, some part-time jobs can be stressful.  

If one can combine a hobby or activity they enjoy with earning a little extra cash, older adults may find that a side hustle not only eases financial worries but offers the opportunity to socialize and make a positive contribution to the community.  Love the sun and the water?  Older adults are brushing up on their lifeguarding training to fill vacant shifts and make sure that local pools will be open for families this summer.  

With more widespread coronavirus vaccination, and employment opportunities in the reopening of many businesses, more older adults have “unretired”.  According to Indeed Hiring Lab, the return of older workers has been concentrated mostly among people in their late 50s and early 60s who are still several years away from retirement age when they will be able to claim full benefits.  

Ready to look for some supplemental income?  Returnship programs are becoming more popular, and are designed to help workers return to jobs after an extended absence.  Learn more by following this link to Path Forward for people who are looking to return to work after caregiving or visit Indeed’s Career Guide for 12 Great Part-Time Jobs After Retirement.