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Home  /  World  /  The US  /  Rising inflation: 1 in 8 retired Americans planning to return to work in 2024

Rising inflation: 1 in 8 retired Americans planning to return to work in 2024

by Jonah Oppenheimer
December 5, 2023
in Money, The US
Reading Time: 2 mins read
Rising inflation: 1 in 8 retired Americans planning to return to work in 2024

According to a ResumeBuilder survey of currently retired Americans, 12% plan to come out of retirement in 2024. The primary reasons are inflation and rising living costs. Some people mentioned avoiding boredom.

Two-thirds of those planning to re-enter the labor force next year are concerned about age discrimination.

Experts advise that if you want to get a job, don’t let your resume date you.

25% of those working now had previously retired but are now back at work

“I talk to seniors and boomers looking to return, and they show me the same resume they’ve been using for the last 40 years,” said career coach Stacie Haller, chief career advisor at ResumeBuilder.

Haller said there are “simple ways to eliminate ageism in the resume review process.”

“Don’t use an AOL e-mail address. Don’t put your street address on a resume. Pictures don’t belong on a resume,” Haller said.

Older workers are likely to be proud of their extensive work history. However, ResumeBuilder advises keeping the resume brief. Work experience from 40 years ago is most likely obsolete today.

“Talking about exactly what you did that long ago really won’t help you get the job today,” Haller said. “Now we are looking at the past 15 years of experience.”

Age discrimination is illegal but difficult to prove. Hiring managers can determine a candidate’s age using tools such as Internet searches and social media. The reasons given for rejecting a candidate may be ambiguous.

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Overall, 76% of those aged 62 to 85 said they are currently retired, 17% said they work full-time, and 7% said they work part-time.

25% of those working now had previously retired but are now back at work.

The majority of those surveyed who plan to un-retire next year will seek employment in a new industry, while 27% will seek employment in the same industry and 14% will return to their previous place of employment.

“There is a lot to be said these days about the professional skills and adaptability these folks bring to the table,” Haller said. “There are many industries that are looking to hire these folks because boomers are retiring and companies are hurting with the talent pool not being large enough for them.”

Tags: FeaturedRetired Americans
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