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Similar to last year, retirees are heading back to work due primarily to the increased cost of living, a survey by Resume Builder found. Thirteen percent of retired seniors said they are likely to start working again next year.
In addition to a higher cost of living, seniors said the top reasons for going back to work were boredom, rising housing costs and paying off non-medical debt. Of those returning to the workforce, the majority said they were either very enthusiastic, or somewhat enthusiastic about going back to work.
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Of seniors who have not yet left the workforce, 38% say they don't plan to retire for another 5 or more years.
Since the COVID-19 pandemic many retirees have returned to work, with 22% of seniors currently working in some capacity. Of those considering a return to the workforce, the survey found that 13% plan to work full-time, 79% intend to work part-time and 8% are currently unsure.
When it comes to modality, 30% of seniors contemplating a return to the workforce said they would prefer to be fully remote, whereas 4% would rather be hybrid and 31% said they'd prefer to work in-person.
Many seniors who consider going back to work worry about facing age bias. While the survey found that over 60% of seniors are either highly, or somewhat, concerned about age bias, 33% admit they are not very concerned or have no concerns at all.
"Seniors must remain vigilant about ageism in the hiring process. It's essential for older job seekers to be aware of potential biases and to learn strategies to combat them, such as staying updated on technology, highlighting recent skills, and addressing their value in terms of experience and reliability," said Stacie Haller, Resume Builder's Chief Career Advisor. "Today's job market is more competitive, and understanding the nuances of modern job searching is key to success for retirees."
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