Spectrum News: Growing trend sees retirees returning to work
UC professor says finances, relationships are bringing people back to the workforce
Millions of people retired early during the COVID-19 pandemic, but now many of them are considering returning to the workforce, Spectrum News reported.
Erwin Erhardt
In 2020 and 2021, approximately 2.4 million people retired over what would typically be expected, said Erwin Erhardt, PhD, an associate professor - educator in the economics department of the University of Cincinnati’s Carl H. Lindner College of Business. Some of them are returning to work, though.
“Inflation is starting to hit their projected incomes, how much they thought they would have,” Erhardt said. “And it’s understandable when you see that overall prices have gone up about 33% over the last four years or so.”
Finances aren’t the only reason retirees might return to work, however. Some people miss the friendships and relationships their jobs provided, Erhardt said.
The return of these workers also is helping companies ease work shortages and providing valuable skills.
“The thing they have going for them is they’ve got a whole life’s experience of working and communicating with people,” Erhardt said. “And this is one thing that’s been huge for a lot of employers is realizing these people know how to work. These more senior workers are good with people.”
Featured image at top: A man works on a laptop. Photo/TheStandingDesk via Unsplash
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