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Tired of retirement? Research reveals that retired individuals are returning to the workforce in the multitudes.
DMBA Certified Financial planner Shane Stewart joined Utah’s Morning News on Monday to explain the reasoning’s why we are seeing this trend.
“There are some who retired for what we call ‘bad reasons,’ meaning they were fearful of the pandemic or were forced out of their jobs because they had lots of money and needed to retire,” said Stewart. “Retirement just isn’t working for them financially.”
He noted that recent retirees are jumping back into the workforce because they see an abundance of jobs due to the record number of open positions out there.
A lack of money isn’t the only reason why people are returning to the workforce. Boredom is also playing a huge part. A lot of people retired individuals are going out and finding “hobby jobs,” which could be a more fun part-time job than what they made a career out of.
“Retirees who are getting hired in various positions are also doing a good job of stimulating the economy,” said Stewart.
So what is Stewart’s advice for those looking to get back into the workforce?
“Count the cost, not only financially but emotionally.”
What works for some won’t always work well with others, so it’s important to think securely and plan ahead when it comes to your future savings.