Unretirement Boom: What’s Driving Retirees Back to the Office

Common reasons driving the unretirement trend are financial motivations and social purposes. For many retired folks, rising living costs and increasing healthcare expenses put a strain on finances. Additionally, many retirees below the Medicare age limit face immense healthcare costs and Social Security advances are not enough to cover all expenses.

In addition to financial concerns, many retirees come back simply to enjoy the benefit of working and social interactions. After retirement, they may feel a lack of purpose and are unable to adjust to retirement life. Unretiring provides the opportunity for retirees to return to full or part-time working to fulfill their desires. 

As the unretirement trend spikes, companies are developing processes to include former retirees that harness their skills and experiences. A popular option for many companies is to hire people as part-time workers or focus the scope of their work via mentorship. In fact, 79% of returning employees prefer to work part-time rather than immediately committing to full-time. This way, the retirees can have a smooth transition back into the workforce while also teaching the younger employees.

Companies are also creating programs to allow retirees to contribute to certain projects or departments through a more flexible and open plan. This arrangement allows for corporations to benefit from gaining more experienced help and for workers to choose where and how they can contribute. 

The unretirement trend is beneficial for experienced workers to bring back their skills to a company and maintain their social, mental, and financial stimulation. Currently, about 13% of retirees are planning to return to work next year. As the workforce continues to change, the unretirement trend is a great way to reshape traditional ideals and drive innovation in businesses.