Inflation, Social Security motivate retirees to work

Sep 7th, 2022 | By | Category: News

More than three in 10 U.S. retirees say they would be motivated to rejoin the workforce if inflation continued to eat into their savings, according to a recent national survey.
The role of Social Security was also top of mind, with 25 percent saying they’d rejoin the workforce if Social Security no longer covered their expenses. Thirty-nine percent of retirees cited Social Security as their main source of income, while 33 percent cited retirement plans.
Overall, 14 percent of retirees stated they are open to or actively looking for work. But 43 percent said their age could be a barrier to getting a new job. In addition, 41 percent of retirees would look for a job if they could have a flexible work schedule, and 35 percent would if they could work remote full-time.
The news comes when there are nearly two job openings per unemployed person in the U.S., according to the U.S. Bureau of Labor Statistics.
Employers that embrace older workers will be more productive, said Richard Wahlquist, president of American Staffing Association, which commissioned The Harris Poll to conduct the survey. The results were released in August.