Approximately one-third of retirees say they would be motivated to return to the workforce if inflation continues to eat into their savings, according to an American Staffing Association Workforce Monitor online survey conducted by The Harris Poll.
Overall, 14% of retirees said they are open to or are actively looking for work, but 43% think that their age could be a barrier to getting a new job.
“At a time when more retirees need additional income and employers need their expertise and experience, older workers continue to face hiring barriers,” ASA President and CEO Richard Wahlquist said in a press release.
Forty-one percent of retirees said they would look for a job if they could have a flexible work schedule, and 35% said they would do so if they could work remotely full-time.
“Employers that take steps to embrace flexibility and diversity across their entire workforces will be more productive and have higher levels of employee engagement,” Wahlquist said.
Inflation was just one factor that would motivate retirees to return to the workforce. Social Security also is a concern. Almost a fourth of the retiree respondents indicated that they would be motivated to rejoin the workforce if Social Security no longer covered their expenses. Thirty-nine percent of the retirees cited Social Security as their main source of income, whereas 33% cited retirement plans such as 401(k) accounts and pensions.
The survey was conducted June 2 to 6 among 2,027 U.S. adults aged 18 and older; 862 of the respondents were retired.