When North Texas residents Susan Howard and Todd Matthes hung up their hats after nearly a lifetime of work, they thought they were finished. But when they realized they weren’t bringing in enough to meet rising expenses, the couple began discussing getting jobs.
“We’re both on Social Security, and we realized we needed more income,” Howard said.
They’re far from alone. One in 8 retirees is planning to return to work in 2024, a recent Resume Builder survey found. Inflation and high costs of living are among their top reasons for reentering the workforce. More than 60% of those who reported having already returned to work after retiring say they did so in 2020 or later.
A few factors could be at play: Some older Americans may have retired before they were ready if they lost their jobs during the COVID-19 pandemic, and combined with rising costs, they’re finding themselves in a financial bind a few years later.
“After COVID, all of a sudden remote work became a real thing, so I think that could be a combination of why we’re seeing this more now,” said Stacie Haller, chief career adviser at Resume Builder.
Remote jobs give seniors more options for work despite physical limitations and allow them to use established skill sets in new ways. Most aren’t looking to jump back into a career full-time — more than 70% report seeking part-time work.
Dana Morris’ mom, Bette, retired in 2014 at age 65. She had to sell her Dallas home and move out of the area because it was too expensive to live in Dallas-Fort Worth on a retiree’s income. After the pandemic, Bette began looking for retail jobs but couldn’t get an interview.
That’s a common experience, Haller says.
“For the older generation who wants to either continue working or get back into the workforce it can be done, but ageism is real and they have to be cognizant about how to approach it as an older worker,” Haller said.
Listing jobs more than 15 years old and the dates of graduation for any degrees on a resume can be telling for employers, as can listing home addresses or using older email addresses like AOL.
Now, Bette works part-time at Habitat for Humanity, where she had volunteered for several years before joining the staff.
“I enjoy the work and the people, and it is still a way to give back to the community,” Bette said. “It’s very different from a career with lots of pressure.”
Boredom and loneliness are also common reasons that retirees are heading back to work, or volunteering if money isn’t a factor — Haller sees the trend in her private career counseling practice. With so many older Americans leaving the workforce and taking their skills with them, Haller says that workers choosing to “unretire” nets positives for both employers and jobseekers.
“They miss the camaraderie, they miss being with co-workers, they missed contributing,” Halle said. “If work is fulfilling for you, that’s the way a lot of older workers still want to be spending their time.”