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Retired Boomers Plan to Return to Work in 2024


📊 The Gist: A survey by reveals that 12% of American retirees are considering returning to work next year, primarily due to financial reasons, including inflation and inadequate retirement savings. Additionally, some retirees seek to combat boredom or desire new experiences.

🔍 The Details: The survey, targeting Americans aged 62 to 85, found that among the 12% likely to rejoin the workforce, 61% cited inflation and increased cost of living as the main motivator. Lack of sufficient retirement savings and boredom were other significant reasons. Notably, 78% of this group expressed enthusiasm about returning to work. However, a notable concern among two-thirds of these retirees is the potential impact of age bias on their job opportunities.

Stacie Haller, Chief Career Advisor at ResumeBuilder, noted that while financial necessity is a key driver, other factors like missing workplace camaraderie and the desire to remain active and try new roles also play a role.

📈 By The Numbers:

  • 59% of retirees planning to work again are looking to switch industries.
  • 14% aim to return to their previous employers.
  • 27% seek new opportunities in their former industry.
  • 45% prefer in-person work, while 32% favor remote roles and 11% prefer a hybrid arrangement.

📜 In Context: The decision for retirees to return to work is influenced by a mix of economic pressures and personal preferences. The rising cost of living and insufficient retirement funds are pushing many seniors back into the workforce, reflecting broader economic trends and challenges facing older populations.

🌍 Why It Matters: This trend brings up crucial issues such as the adequacy of retirement savings, the impact of inflation on fixed incomes, and the challenges older individuals face in the job market, including age bias. It also underscores the evolving nature of retirement and work in the modern age. In addition, younger generations found their careers stymied by Boomers who did not leave the workforce at retirement age. Their return could impact the career paths of younger workers.

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