1 in 6 retirees is considering a return to the workforce, survey says
One in six U.S. retirees is considering a return to the workforce, with most citing either personal or financial reasons as the driving force, according to a new survey from Paychex.
The survey — which included 930 American employees and 206 hiring managers — illustrates the number of people returning to work after retirement and outlines the reasons why they’re making these moves.
The results also indicate that the majority of those considering a return to the workforce would prefer remote or hybrid positions.
“Among those we surveyed, one in six retirees are considering returning to work after being out of the workforce for an average of four years,” the survey report states. “With so many preferring to work from home these days, it’s no surprise that more than half of our retired respondents would look for remote work (53%), 27% want a hybrid situation, and only 20% would seek an office job.”
The report also shows that 65% of respondents want full-time work, while 35% want to work on a part-time basis.
About 57% of the respondents who want to return to work cited “personal reasons” as one of the factors, while 53% cite “financial reasons” as a driving force for wanting to return to work.
In addition, 52% cited boredom as a motivator for wanting to return to the workforce, while 43% of respondents cited inflation. Another 43% noted loneliness as a reason for wanting to go back to work.
Per the report, 62% of respondents have already returned to work after retirement, and about 55% of those who have returned to the workforce said they did so because they needed more money.
About 60% of respondents describe feeling happy about their decision, while respondents also described feeling “energized” (50%) and “excited” (48%) about returning to work. Additionally, some noted feeling “resigned” (33%) or “anxious” (30%) about the decision.
However, a large percentage of retirees who returned to work said they felt judged by co-workers for their decision.
“The overwhelming majority of retirees who returned to work have faced judgment from their co-workers (74%); only 3% haven’t,” the report states. “Most of those working in finance (87%), education (83%), and information technology (72%) have experienced such discrimination.”
According to the retirees, one form of ageism they feel they are dealing with is due to making younger employees feel insecure about their abilities. And, older workers are an attractive prospect for hiring managers largely due to their experience level, according to 56% of hiring manager respondents.
Results from a survey released last month indicated that the high-inflation environment is causing workers to push retirement plans — past, present and future — to the side to determine how much money is necessary to cover rising expenses.