They’re back! ‘Unretirements’ Continue to Rise

Many retirees who left their jobs during Covid-19 are re-entering the workforce, according to new research by Joblist. The study estimated 2.4 million people were forced to retire prematurely during the pandemic, but “unretirements” are on the rise and have reached above average pre-pandemic levels, the study said.

Despite widespread concerns about inflation, interest rates, and a possible recession among all job seekers, only 27 percent of unretirees cited financial concerns as a reason for their return to the workforce. Instead, the majority (60 percent) said they are simply looking for something to do. For those for whom financial concerns are their motivation, 21 percent pointed to inflation and 5 percent mentioned worries about stock market performance.

Retired job seekers were generally enthusiastic about working again, with 52 percent describing themselves as happy and 42 percent saying they were excited. Only 20 percent said they were nervous, 5 percent stressed, and 4 percent frustrated.

As for what types of jobs they are interested in, 79 percent of retirees are looking for part-time jobs, with 6 percent looking for full-time work and 16 percent open to either option. Slightly fewer than half (41 percent) are hoping for in-person work, while 9 percent are looking for remote opportunities and the remaining 50 percent are open to either. The survey said in-person, part-time jobs are the most popular option among retired job seekers.

About half of retirees seeking work plan to stay in the workforce for at least three years, and 14 percent indicated they plan to work for one or two years. Thirty-three percent are unsure how long they will work.

More broadly, about 25 percent of the 48 million people who quit their job during the Great Resignation now regret their decision, and nearly half of those who have gone back to work say their new job isn’t living up to their expectations. Among the reasons for second-guessing their decision is quitting before securing a new job, which has proven more difficult than they expected. Other reasons include missing co-workers, realizing their old job was better than they thought, and a bad culture or management at their new job.

Overall, 80 percent of job seekers expect the country to experience a recession over the next year, and 60 percent feel pressure to secure employment before economic conditions worsen.

Joblist surveyed 15,000 job seekers during the past three months to assess their level of concern about various pressures they are facing, including the impact of rising gas prices on commuters, regrets about quitting their jobs during the Great Resignation, and drivers of retired people re-entering the workforce.

Kristen Beckman is a freelance writer based in Colorado. She previously was a writer and editor for ALM’s Retirement Advisor magazine and LifeHealthPro online channel.

From: BenefitsPRO