![]() In the UK, the unemployment rate is 3.7%, the lowest it’s been in 50 years. Many retirees are being courted by companies with skilled vacancies to fill. But sometimes, to get things done quickly, you need older blood that knows how to get it done. “Sometimes you need fresh blood to get new ideas. “Whenever you have mass exodus from a company, you lose knowledge,” he says. He believes they brought him back to plug a skills shortage. And that’s on top of my retirement ,” says Anthony. “The deal is they’re paying me basically the same salary as I was making. A year into the pandemic, his former company called him, told him his old boss was gone and asked if he wanted to come back to work on a project. Luckily for Anthony, he had already re-joined the workforce when his investments started to drop, and the cost of living began to rise. “But this year has been such a correction, our savings have gone down 20%.” “Everything that we had planned for the future was based on having X amount invested,” he says. But his retirement plan didn’t account for historic inflation increases. He took his package early, in his late 50s, because he was tired of working for corporate America and a boss he didn’t like. Anthony retired from his job at a shipping multinational in January 2020. “People are definitely wanting to come back to work.” “It would have meant their pension programmes were very high, their houses were valued very high.” But now, she says, inflation means people don’t feel as comfortable as they did a year ago. Early on, they were leaving the workforce in droves, partly due to fears linked to Covid-19, but also to do with their assets house prices started soaring, and investments were up. In the UK, of the over-50s who have returned to work since leaving during the pandemic, 48% said they did so because they needed money, while 23% said they couldn’t afford to retire.īlake says she’s seen retirees’ positions change dramatically during the pandemic. While there are several factors behind retirees’ return to the workforce, it’s clear that concerns linked to the cost of living are currently a major motivator. Whether that’s part-time, full-time or a side gig, people are increasingly expecting and needing to work past traditional retirement age – perhaps permanently reshaping our idea of what this life stage might look like Gaëlle Blake, UK and Ireland director for permanent appointments at recruitment firm Hays, says she believes “this is the start of a phenomenon where people are feeling the pressure financially, so they will come back to work”. In the UK, Indeed saw a spike in 55-to-64 year-olds ‘urgently seeking work’, while another survey found that two-thirds of people who retired during the pandemic expect to keep working in some form. In the US, job site Indeed reports 'unretirement' levels are at 3.3%, much higher than the sub-3% average seen since 2017. Now, however, as inflation spikes, the number of people coming out of retirement is growing. First, there was an exodus of older professionals from the workforce in the UK, at least an extra 250,000 50- to 64-year-olds left, while more than 3 million Americans retired early. When the pandemic hit, labour trends went awry. “But the pandemic has definitely exacerbated it.” “Society was already poised for a real shift in how it’s thinking about retirement,” says Michelle Silver, associate professor of gerontology at the University of Toronto Scarborough. In the UK, employment rates for people older than 65 doubled between 19. In the US, 32% of people aged 65 to 69 were in work in 2017, far more than the 22% who were working in 1994. The number of people working past retirement age has grown consistently since the 1990s. ![]() The concept of retirement as we know it is changing, and has been for a long time. It’s a beautiful fantasy – and for many retirees, present and future, it’s just that: a fantasy. Not a care in the world, their only responsibility is getting their grandchildren good gifts for their birthdays. ![]() It’s a laughing, grey-haired couple sipping piña coladas on a white sand beach perhaps they’re getting some liquid courage for their sky dive later.
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