Staff Reports
A recent survey conducted by ResumeBuilder has shed light on the growing trend of American seniors returning to work. The survey, which involved 500 individuals aged between 62 and 85, revealed that 12 percent of retirees are planning to reenter the workforce next year, with nearly a quarter of seniors currently still working. The poll was conducted online in November but did not provide a margin of error.
Bidenomics: 12% of Retired Americans Plan Return to Work in 2024, Citing Rising Costs, Survey Shows. Biden couldn’t care less about struggling seniors. https://t.co/aSJyZ6tPPj
— Scott S (@DScottS) December 15, 2023
According to the survey, seniors are primarily motivated by inflation and the increased cost of living, with 61 percent citing these factors as their main reason for returning to work. The study also found that 34 percent of respondents did not have sufficient retirement savings, while another 34 percent claimed to have debt to pay off.
Of those surveyed, 17 percent reported working full-time and 7 percent worked part-time. Surprisingly, 75 percent of this group stated that they had never actually stopped working. Furthermore, 61 percent of seniors who returned to work did so since 2020, with 45 percent attributing their decision to inflation and the rising cost of living forcing them out of retirement.
Stacie Haller, the chief career advisor at ResumeBuilder, commented on the findings, saying, “Clearly, the driving factor for the majority of seniors returning to work is financial, but this is not the only reason for many. In my own practice, I often meet with retirees who find that they miss the camaraderie of working with others. Many still want to be in the game and are not ready to just ‘play golf.’ Many are excited about trying something new.”
The Senior Citizens League released a report in May that highlighted the impact of inflation on the buying power of senior citizens. With Social Security payments rising by 78 percent between 2000 and 2023, the cost of living for seniors has increased by 141.4 percent, resulting in a 36 percent decrease in their overall purchasing power. The report also detailed the significant price hikes in various essential items, such as prescription medications (311 percent), heating oil (279 percent), and homeowner’s insurance (193 percent).
As the cost of living continues to rise, it’s no surprise that more and more seniors are opting to return to work. Whether it’s for financial stability or the desire to remain socially active, these seniors are defying the traditional notion of retirement and embracing new opportunities. The findings of this survey serve as a reminder of the ongoing struggles faced by American seniors as they navigate their golden years in an increasingly challenging economic landscape.
