In a recent study by Caring.com, nearly 33% of seniors surveyed are currently working, and almost one-third of these working seniors are "unretired," primarily due to inflation. Additionally, nearly half of all seniors in the workforce do not anticipate retiring within the next five years.
CHARLOTTE, N.C., Aug. 7, 2024 /PRNewswire-PRWeb/ -- Caring.com, the nation's leading senior living referral service and top site for senior care reviews, recently published a study exploring the various reasons seniors return to the workforce.
This study gathered insights from over 1,500 American seniors, including those seniors who are still working and those who have retired but have since returned to the workforce, known as "unretired" seniors. It examines the primary reasons behind their continued employment or return to work.
According to the study, 19% of respondents work full time, while 13% work part time. Of those employed seniors, 1 out of 3 have re-entered the workforce, or "unretired." Over half of the "unretired" seniors cite inflation and the increasing cost of living as the primary reason for returning to work. This trend may suggest a growing challenge faced by many seniors who are uncertain of when they will be able to retire.
"Inflation and interest rates have undeniably impacted the financial stability of many seniors, forcing them to rethink their retirement plans," said John Farrell, Director of FP&A and Treasury at Caring. "Our survey highlights the tough decisions seniors have in front of them, from rejoining the workforce to cutting back on essential expenses — all in hopes of managing the rising cost of living."
Additionally, 70% of respondents who are working seniors have never retired. Nearly half of all employed seniors in this survey don't know when they will retire or believe it will take more than five years to achieve retirement. Additionally, 14% of currently retired seniors are either likely or somewhat likely to "unretire."
To combat the rising cost of living, many seniors report reducing leisure activities and travel, with some seniors cutting down on medical appointments and medication expenses.
While inflation is the primary reason for employed seniors who have "unretired" or have not yet retired, some respondents of the survey mentioned returning to work to be more social, to combat boredom and to learn a new skill.
Methodology
This survey was launched by Caring.com on June 7, 2024 in partnership with Pollfish – an online survey platform. The organization surveyed over 1,500 American seniors aged 62-85 to highlight the impact of inflation on retirement plans and to provide resources for seniors who may be considering rejoining the workforce. To access the complete report, please visit: https://www.caring.com/resources/seniors-in-the-workforce/
Caring.com is dedicated to providing expert guidance on senior care living, aiming to help as many seniors and their caregivers as possible by connecting them with the most suitable services and resources for their specific needs. To assist seniors who may be considering returning to the workforce, here are some recommended resources:
Resources for Seniors Who Are Going Back to Work
- Digital Skills Ready@50+: A partnership between AARP and the Google Tides Foundation, providing seniors with essential digital skills to find new jobs.
- Back to Work @50+: AARP's job training program that offers support for seniors rejoining the workforce.
- The Senior Community Service Employment Program (SCSEP): Job training offered through the Center for Workforce Inclusion and state-based programs.
- Path Forward: A nonprofit organization focused on helping people return to work after a career break.
ABOUT CARING.COM
With millions of website visitors, Caring.com is a leading senior living referral service and the nation's top site for senior care reviews. Founded in 2007, Caring's mission is to help as many seniors and their caregivers as possible through empathetic, expert guidance. Applying cutting-edge technology to this humane mission, Caring provides relevant senior care information and support, as well as comprehensive senior living and senior care directories for the United States, including more than 375,000 consumer reviews. Through a toll-free referral line at (877) 630-3480, Caring's trusted, nationwide team of Family Advisors — who are among the most highly trained, highly skilled, and knowledgeable experts in senior care — helps seniors and their families research and connect to the most appropriate services and support for their specific situations. For more information about our organization and our free services for seniors and their families, please visit http://www.caring.com/about and join with Caring on Facebook
Media Contact
Caring.com, Caring.com, (650) 762-8190, [email protected] , Caring.com
SOURCE Caring.com
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