How to “Unretire” or Reverse Your Retirement

“Unretirement” is a term used to describe post-retirement employment — and it’s a growing trend. As of March 2022, 3.2% of workers who retired just a year earlier are once again employed in some form. Meanwhile, The Bureau of Labor Statistics reports that the labor force among people aged 75 and over is expected to increase by 96.5% during the next decade. Why Are More People Choosing To Unretire? Several factors are driving the rise of unretirement. For starters, health concerns led a significant portion of baby boomers to accelerate their retirement plans following the outbreak of COVID-19. One analysis from the St. Louis Fed concluded that the pandemic had pushed more than three million baby boomers into premature retirement. In a far safer, post-pandemic world, many of this generation are re-thinking their decision to retire so soon. Other retirees are being enticed by a hot labor market. The Great Resignation saw more than 47 million Americans quit their jobs in 2021 and, as of March 2022, the rate of job resignations was still 23% above pre-pandemic levels. Unsurprisingly, this mass workforce exodus has led to talent shortages across multiple industries in the United States. A survey conducted by the ManpowerGroup found that talent shortages have more than tripled in the last ten years, with 69% of employers struggling to fill open positions. In this candidate-driven market, retirees hold a lot of bargaining power. They can return to the workforce on their terms and employers will welcome them with open arms, appreciative of the years of experience and reliability they bring to the table.