Older Americans head back to the workforce amid in
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Posted On: 05/21/2022 8:33:05 AM
Older Americans head back to the workforce amid inflation and volatile stocks
In February, 3% of retired workers made the decision to return to work, marking the highest percentage to date during the pandemic and a continuation of a trend that started in the spring of last year, Nick Bunker, the director of economic research at Indeed Hiring Lab, told Yahoo Money.
As of March 2022, 3.2% of workers who were retired just one year ago are now employed again, according to Bunker's research.
Strong demand for workers and COVID vaccinations initially helped to fuel the return, Bunker said. “Even more retirees could come off the sidelines.”
Now financial need, exacerbated by inflation and a volatile stock market, is coming to the fore. No matter the reason, many may find it harder than expected to jump back in.
Many may return
In the past two years, millions of older workers stepped out of the workforce on their own volition, while others were slashed in payroll cutbacks. The majority of those, though, have not signed up for their Social Security benefits, according to research from the Center for Retirement Research at Boston College. Their reasoning: They’re not really calling it quits.
While 1 in 5 workers retired earlier than planned because of the pandemic, AARP research found, the question remains if these “retirements are permanent,” according to an analysis from Miguel Faria e Castro, a senior economist at the St. Louis Federal Reserve.
“Many of these new retirees may decide to return to the labor force,” e Castro wrote, “which will depend on personal factors as well as aggregate labor market conditions.”
https://news.yahoo.com/older-americans-head-b...22301.html
In February, 3% of retired workers made the decision to return to work, marking the highest percentage to date during the pandemic and a continuation of a trend that started in the spring of last year, Nick Bunker, the director of economic research at Indeed Hiring Lab, told Yahoo Money.
As of March 2022, 3.2% of workers who were retired just one year ago are now employed again, according to Bunker's research.
Strong demand for workers and COVID vaccinations initially helped to fuel the return, Bunker said. “Even more retirees could come off the sidelines.”
Now financial need, exacerbated by inflation and a volatile stock market, is coming to the fore. No matter the reason, many may find it harder than expected to jump back in.
Many may return
In the past two years, millions of older workers stepped out of the workforce on their own volition, while others were slashed in payroll cutbacks. The majority of those, though, have not signed up for their Social Security benefits, according to research from the Center for Retirement Research at Boston College. Their reasoning: They’re not really calling it quits.
While 1 in 5 workers retired earlier than planned because of the pandemic, AARP research found, the question remains if these “retirements are permanent,” according to an analysis from Miguel Faria e Castro, a senior economist at the St. Louis Federal Reserve.
“Many of these new retirees may decide to return to the labor force,” e Castro wrote, “which will depend on personal factors as well as aggregate labor market conditions.”
https://news.yahoo.com/older-americans-head-b...22301.html
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