Many Amerians who chose to retire for one reason or another during the pandemic have returned to the workforce, according to a new report from global investment management firm T. Rowe Price. They could serve as a source of employees for senior living and care providers facing recruiting and retention issues.
Adults aged more than 65 years collectively are the only age group in America projected to increase their share of the workforce in coming years, going from 8.9% in 2020 to 11.7% in 2030, according to Moneywise. The T. Rowe Price survey found that approximately 20% of retirees are working either full time or part time, and another 7% of respondents said they are looking for employment.
“Many retirees either choose to work or need work to be included in their retirement lifestyle,” Judith Ward, CFP, of T. Rowe Price said in a statement. “The decision can have many powerful positive effects, not least of which is financial well-being.”
Forty-eight percent of respondents who said they are working in their retirement said that they were doing so for the money, and 45% said that they were working for the social and emotional benefits. Women, particularly single women, were more likely than men to cite financial reasons as the reason for their return to the workforce. For men, social connections were a motivating factor.
The report noted that returning to work following retirement doesn’t necessarily mean returning to the same career.
“Many people choose new vocations or part-time work in retirement. They may explore causes or fields that align with their passions and build on their professional experience, perhaps via consulting arrangements,” Ward said. “Others take advantage of remote work, part-time work or flexible arrangements to achieve a work-life balance that suits their new life stage.”
Retirees can find well-paying part-time jobs in healthcare, for example, according to US News & World Report, because demand for nurse practitioners and registered nurses is high. The nursing shortage doesn’t appear to be going away any time soon, but hiring retired professions might be one way to offset the need.
