By Jorge Vazquez
01 Dec 2023, 07:00 AM EST
To better understand the current and future employment status of older Americans, in November, ResumeBuilder.com surveyed 500 people ages 62 to 85.
As a result of the pandemic, many are not as financially stable as before. This may be one factor why older Americans are “coming out of retirement” and returning to work.
The consultation found the following revealing data:
· 12% of retired Americans are likely to return to work next year
· The main reasons retirees return to work are inflation and the high cost of living
· Two-thirds of retirees fear age bias will affect job prospects
· 1 in 4 Americans between the ages of 62 and 85 say they are currently working
Inflation and the cost of living drive the reasons retirees return to work. 12% of currently retired Americans say they are very likely (3%) or somewhat likely (8%) to return to work next year.
“The main reason for returning to work is inflation and the increase in the cost of living (61%),” the report emphasizes. “In addition, retirees say they may return to work because they did not save enough money for retirement (34%), to help pay off debt (34%) and to combat boredom (34%).”
The majority (78%) of retirees who are considering returning to work are very excited (23%) or somewhat excited (55%) about the prospect.
“Clearly, the driving factor for most older people to return to work is financial, but for many this is not the only reason. In my own practice, I often encounter 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 to try something new or something they’ve always wanted to explore,” says Stacie Haller, Senior Career Coach at ResumeBuilder.
“In addition, remote work has helped retirees return to work, as it creates more opportunities for those who can no longer travel or spend long days in the office,” Haller added.
The survey shows that two-thirds are concerned about age discrimination. Most say they will look for a new job in a new industry (59%), while 14% say they would return to their previous workplace and 27% would look for a new employer in the same industry.
The majority of retirees want to return to working in person (45%), while 32% would prefer to work completely remotely and 11% say they would like to be hybrid. The remaining 11% say they have no workplace preference.
“Age discrimination is real and returnees should remove anything from their resumes and LinkedIn that might indicate they are older candidates. For example, using an AOL email address, including a home address, graduation dates, or including a photo. Only the last 15 years of experience should be included,” says Haller.
“Most companies understand employment laws and what can and cannot be asked during interviews. When interviewing, it is important for seniors to show enthusiasm and focus their answers on why they are the best person for the job. They should also be prepared to discuss and highlight your adaptability, ability to learn quickly, technical skills (taking classes to learn what you need), and your related work experience. The professional skills that older Americans have learned over their many years of work are one of the reasons why so many organizations are interested in hiring people from this group. Companies understand the value that this group brings to an organization,” Haller noted.
To see more details of the survey, go here.
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