Retirees are returning to the workforce
in droves: Here's why
Scripps News,
by
John Matarese
Original Article
Posted By: OhioNick,
3/31/2024 5:11:36 PM
It used to be when you turn 65, most people put down the work and retire. However, the newest trend is "unretiring," with as many as 20% of older workers rejoining the labor market in their 60s and 70s.
As of late 2023, there were nearly twice the percentage of Americans over age 65 working compared to the 1980s, according to Pew Research.
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Well, since our retirement savings are dwindling every month due to inflation, it’s go back to work or starve.
38 people like this.
Reply 2 - Posted by:
Dodge Boy 3/31/2024 5:29:33 PM (No. 1689995)
Huh. No expectation to go back to work in this household. Don't know how my wife and I would even have time to go back to work. What for. Not for the extra money. And don't need work to keep that sense of purpose and relevance either. Plenty of other non-work ways to achieve it.
28 people like this.
Reply 3 - Posted by:
dbdiva 3/31/2024 6:14:24 PM (No. 1690012)
I think it's smart for businesses to hire older workers who need/want to work. These are individuals who have work and life experience but even more importantly they have a good old-fashioned work ethic. When they come to work, they actually work! If I owned or managed a business I'd do my best to keep these workers on my payroll as long as possible. They give value for their paychecks as opposed to children who don't even understand what 'work' means and are appalled at the idea they must get to work on time and stay there for 8+ hours. Oh, the inhumanity!!
36 people like this.
Reply 4 - Posted by:
udanja99 3/31/2024 6:16:48 PM (No. 1690014)
I’m semi-retired. I retired completely (age 68) at the end of 2020 after covid had destroyed my business. But found that I missed the designing part and got back into it. But only part time and on work that I really want to do. I’m working on a new book and having a blast. And relishing my time with my grandkids.
33 people like this.
Reply 5 - Posted by:
chumley 3/31/2024 8:05:54 PM (No. 1690066)
I made a couple vows in my working life. 1st in 1984 that I would never wear a badge again. Second, in 2023 that I would never seek a job again. So far so good to both.
14 people like this.
Reply 6 - Posted by:
DVC 3/31/2024 8:34:38 PM (No. 1690088)
Not us. We're fine. We planned for a lot of inflation. We also planned for SS to be taken away from us because we are "not poor enough". So far, that hasn't happened. But my bet is that it's coming.
10 people like this.
Reply 7 - Posted by:
Venturer 3/31/2024 10:46:35 PM (No. 1690140)
It's always nice to have a few extra bucks in your pocket.
It isn't hard to find a part time job. Most people who do the hiring know that the older generation will show up, and on time.
6 people like this.
Reply 8 - Posted by:
Dreadnought 3/31/2024 11:20:55 PM (No. 1690153)
In the 1980s people in their 70s were the members of "the greatest generation," survivors of the Great Depression (mass deflation), World War Ii, and the parents of the huge baby boom from 46 to 64, and the Gen X grandkids that packed the job pool of that era. There are more good job opportunities for the retiring boomers in a modern job market where American growth is fueled by low wage immigrants who make up for America's declining birth rates.
3 people like this.
Reply 9 - Posted by:
texaspast 3/31/2024 11:52:46 PM (No. 1690162)
Here are the main reasons:
'Seasoned citizens' actually show up for work, on time.
When they get to work, they actually do their job.
6 people like this.
Reply 10 - Posted by:
Muguy 4/1/2024 12:23:57 AM (No. 1690169)
Due to Bidenflation, I have rejoined the work force to make ends meet.
Once you get a "fixed income" it never goes up, and the purchasing power of what you get is mimized by 20% for the same items. Cutting back, buying 'store brands' getting certain items at 'dollar stores' which are now $1.25 stores and cutting back on other things keep us just above water.
Downsizing our living situation we helpful as we sold our previous home which had doubled in value so we got a lot of equity out of the deal to put into savings and we were able to purchase a smaller place for cash.
My prayers are with the Seasoned Citizens who are facing very hard choices with little savings that they have gone through in the last three years. Why would they vote for more spending of money we do not have which makes the income they get worth less-- worthless!?
5 people like this.
Reply 11 - Posted by:
ussjimmycarter 4/1/2024 2:31:32 AM (No. 1690190)
I’m 70. I retired from an IT Program Management job with Northrop Grumman! The DEI crowd was just sneaking onto my projects! I have neither the time or the inclination to go back to work with unqualified diversity hires! I’d last about an hour and they would fire me for refusing to put my preferred pronouns on my email signature! Naw! I’m done! You guys deal with stupid!
7 people like this.
Reply 12 - Posted by:
mifla 4/1/2024 5:21:40 AM (No. 1690217)
Which explains the 75 year old guy bagging my groceries.
0 people like this.
Reply 13 - Posted by:
petrichor 4/1/2024 6:17:07 AM (No. 1690255)
I'm tempted to pick up a part-time job just as a hobby, but then I think about he things I do spontaneously and that's the end of that. Maybe if they cut social security in half I'll be an astronaut if it pays enough.
0 people like this.
Reply 14 - Posted by:
homefry 4/1/2024 8:04:21 AM (No. 1690323)
The money aint no good!
In the 50s a man earned 75 cents per hour. 3 silver quarters. Them same 3 quarters would sell now for 25 bucks.
1 person likes this.
Reply 15 - Posted by:
jc96 4/1/2024 11:11:00 AM (No. 1690472)
retired Air Force, just started drawing SS (62) and still work part time, 5 hours a day. Only because I like the work and it keeps me young. No debt and just the 2 of us. She's a homemaker on the Italian pension system. In reality, money is no issue and here in Italy, cost of living is actually pretty low with lower than "normal" inflation. Ciao, Cris
0 people like this.
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