A new snapshot of American senior citizens shows that about 1 in 8 seniors is heading back to work.
The website ResumeBuilder commissioned an online survey of 500 people between the ages of 62 and 85 and found that 12 percent of those already retired plan to go back to work next year, while almost 25 percent are still working.
The poll was launched in November. No margin of error was provided.
Inflation and the increased cost of living are the top reasons why seniors are returning to work, with 61 percent of those responding citing them as their motivation.
The survey found that 34 percent did not have enough money saved to retire, while another 34 percent said they had debt to pay off.
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Overall, 17 percent of those surveyed work full-time and 7 percent work part-time. Of that group, 75 percent said they never stopped working.
Of those who unretired, 61 percent said they had gone back to work since 2020, with 45 percent saying inflation and the increased cost of living had forced them out of retirement.
“Clearly, the driving factor for a majority of seniors returning to work is financial, but this is not the only reason for many,” said Stacie Haller, Resume Builder’s chief career advisor.
“In my own practice, I often meet with retirees who find that they miss the camaraderie of working with others. Many still want to be in the game and are not ready to just ‘play golf.’ Many are excited about trying something new.”
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A report released by the Senior Citizens League in May noted that increases in Social Security have lagged behind inflation, meaning the buying power of senior citizens has dropped by 36 percent since 2000.
The report said that although Social Security payments had risen by 78 percent between 2000 and 2023, the cost of living had risen by 141.4 percent for senior citizens.
The study looked at the effect of inflation on the price of common items during that time and found, for example, that the cost of eggs had risen 332 percent.
Of particular concern to older Americans is the cost of prescription medications, which the study said increased 311 percent; heating oil, which increased 279 percent; Medicare Part B premiums, which are up 262 percent; and homeowner’s insurance, which is up 193 percent.
The report also noted the price hikes between February 2022 and February 2023, with eggs again leading the way at 110 percent.
Other grocery price increases included bread at 18 percent, coffee at 17 percent and chicken at 10 percent. Dental care increased 16 percent, electricity 13.3 percent, and vehicle maintenance and repair 13 percent.
