Coming out of retirement is great...if you're a pro athlete. 🏀 A certain bestie (beastie?) named inflation is forcing Americans aged 55 and older to head back to work. 👴
Some are even calling this time period, "The Great Unretirement".
Michael Jordan nor Tom Brady were reached for commentary on the situation.
Here’s Five Fast Facts explaining why older Americans are returning to the workforce:
- 👔 Hi Ho, Hi Ho - New data from the Bureau of Labor Statistics shows an estimated 1.5 million of would-be retirees between the ages of 55-64 are back to work. IT Help Desk teams everywhere are now dusting off their "how to open a PDF" instructions and eagerly awaiting phone calls.
- 💃 Wanna Dance, Grandpa? - Businesses are quite happy to bring back experienced workers that know what they're doing. With 11.3 million job openings, it looks like Gen Z is gonna have to battle out gramps for that caddying job this summer.
- 💼 Like A Boss - Interestingly, 25.6% of working older Americans are self-employed. That's three times the rate of those between the ages of 25 to 39. Someone do a wellness check on the Instagram-preneur community.
- 📉 Taking Stock - In addition to rising costs, older adults are concerned about their retirement savings accounts. As the stock market continues to take a dump, would-be retirees are taking jobs to get their sh*t together. (see what we did there?!)
- 🙋 Post-Pandemic Blues - The pandemic put a damper on everyone's social life, and many older adults said they recently went back to work to do that interacting-with-humans thing. Boomers: don't forget to add those pandemic Zoom skills to your resume!
🔥Bottom line: Older Americans are concerned about the state of the economy, rising costs of everyday items, and their financial futures. Heading back to work isn't ideal for every retiree, however, it's a huge plus to have skilled workers back in the game. We love a good Boomer joke, but their wisdom is just what the younger generations need, especially when it comes to skilled trades.
Has the current economy affected your retirement plans? Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!
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