Top reasons for returning to work include inflation and increased cost of living, not enough retirement savings, and boredom
ResumeBuilder.com, the premier resource for professional resume templates and career advice, has published a recent survey report that investigates the current and future employment statuses of older Americans. The report also shares insight into how retirees feel about the prospect of returning to work. In total, ResumeBuilder.com surveyed 500 Americans ages 62 to 85.
Based on survey results, 12 percent of retired Americans say they are ‘very’ or ‘somewhat likely’ to go back to work next year. Of this group, 61 percent say they may return to work due to inflation and increased cost of living. Other reasons retirees say they may return is because they did not save enough money for retirement or to combat boredom. Among respondents considering a return to work, 78 percent are ‘very’ or ‘somewhat enthusiastic.’ However, 2 in 3 retirees who want to return to work say they fear age bias will affect job prospects.
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“Clearly the driving factor for a majority of seniors returning to work is financial but this is not the only reason for many. In my own practice, I often meet with retirees who find that they miss the camaraderie of working with others. Many still want to be in the game and are not ready to just ‘play golf.’ Many are excited about trying something new or something they always wanted to explore,” says ResumeBuilder’s Chief Career Advisor Stacie Haller.
Survey data also shows that among respondents who plan to go back to work, 59 percent say they will seek a job in a new industry, 14 percent say they will go back to their previous place of employment, and 27 percent say they will seek a new employer in the same industry. Of this same group, 45 percent say they want to return to work in person, while 32 percent say they want to work fully remotely and 11 percent say they want to work hybrid.
This survey was commissioned by ResumeBuilder.com and conducted online by the survey platform Pollfish on November 16, 2023. Overall, 500 respondents aged 62 to 85 completed the full survey.
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