Is there really such a thing?
In today’s Washington Post, there was an article addressing the concept of #unretirement, and yes, there is such a thing, and the concept is growing exponentially.
We’re all aware of the U.S. labor market, including #quietquitting and #boomerang options. It is no secret that those eligible for pensions are returning to work in droves. It is likewise no secret that seniors worry that their minds and bodies will outlast their retirement funds , so why not return to work? https://youtu.be/DCPMw3hkAHQ
According to https://marketsplash.com/unretirement-statistics/,
- A 2022 survey by Fidelity Investments found that 32% of recent retirees considered unretirement due to inflation and increased cost of living.3
- Only 33% of retirees felt very confident about having enough money to live comfortably throughout their retirement years, potentially influencing unretirement decisions.2
- 12% of retirees cited loneliness and a lack of social interaction as reasons for returning to work.2
- 23% of retirees who went back to work did so because they missed the sense of purpose their careers provided.2
The unretirement rate was found to be highest among those with a professional degree or PhD, at 27%.3
The numbers are telling, and the multiple sources support the concept of unretirement:
The #WashingtonPost estimates that 1.5 million retirees have reentered the U.S. labor market over the past year. Many of those in their 50’s, 60’s and 70’s retired during the pandemic to take care of their health, because they no longer wanted to work, or to care for a family member. This same cadre of professionals would possibly consider a job under the right conditions, which includes flexible schedule, pay, and a focus on work / life integration. There are not enough people to fill the gaps; yet, retirees represent a #goldmine of talent. Is this ageism in reverse? It’s amazing what a tight labor market can do!