Many people may go back to work in 2025, for reasons that have to do with their personal lives and the economy. People don’t choose to go back to work on a whim, but the current situation is making many people rethink their plans to quit.
A recent poll by ResumeBuilder.com, a website that helps people build their resumes and find jobs, found that about 13% of retirees in the U.S. are thinking about going back to work next year.
There are many reasons for this choice, but some of the most important ones are the rising cost of living, boredom, rising housing costs, and the need to pay off bills that aren’t medical.
The rising cost of living, a major reason for retirees returning to work
The rising cost of living is one of the main reasons seniors are second-guessing their choice. The poll found that this was the main reason for 69% of retirees who planned to go back to work. In the past few years, inflation has had a big effect on the prices of things like food, energy, and transportation.
This rise has made it harder for many older people to buy things, which has made some of them think about going back to work to get their finances back on track.
A lot of retired people didn’t expect prices to go up so quickly while they were away. They used more stable predictions when they first made their financial plans, but things didn’t work out that way. Because of the economic problems they are having, many people are now thinking about going back to work, even if it’s only part-time, to keep up their level of living.
Boredom, an unexpected factor
Boredom is another big reason why retirees go back to work. 42% of those who answered the survey said they felt like they weren’t doing anything important after some time in retirement.
People often imagine retirement as a time to rest, travel, and have fun. But for many, especially those who have been stuck in a rut at work for years, having so much free time can be too much.
Because of this, some people are looking for work to keep themselves busy and to feel useful again. For many, work is more than just a way to make money; it’s also a way to avoid the loneliness and lack of purpose that can come with retirement. Many retirees miss being able to stay physically and mentally busy while socializing.
Housing costs continue to rise
Along with the rising cost of living, 39% of retirees who are thinking about going back to work said that rising housing costs are also a factor in their choice. In the past few years, both rent and home prices have been going up, which makes it hard for many older adults to pay their bills.
Some seniors own their own homes, but others rent, and the rise in rental prices has made it hard for them to pay their bills. Also, homeowners aren’t safe from these price rises either. The costs of having a home have also gone up.
These include taxes, insurance, and repairs that need to be done. Because of these things, some retirees think that going back to work is the only way to pay for these extra living costs.
Non-medical debt
For another 34% of retirees who were thinking about going back to work, the need to pay off bills that weren’t medical was a reason. Many people get into debt over the course of their lives and can’t always pay it off by the time they retire. Mortgages, personal loans, and credit cards are some of the sources of these bills, which can be very hard for some retirees to handle.
Many people are thinking about going back to work, even if it’s only for a short time, to improve their finances and lower their debts because they feel like they need to pay these bills right away. Some people have trouble with money in retirement, and the thought of a steady income can help ease the stress of still having debt.
The profile of retirees who never stopped working
The poll also found that 22% of older adults are already working, and 39% of those people had retired but later decided to go back to work. Many of them gave the same reasons as those who were thinking about going back: the rising cost of living and being bored.
These people found that their personal or financial situations weren’t as good as they had hoped, and they decided that going back to work was the best way to deal with their problems.
On the other hand, 61% of seniors who are still working have never really stopped working. Some of them said they haven’t been able to save enough to retire easily, while others said they keep working because they enjoy their jobs. For this group, continuing to work isn’t just about making ends meet; it’s also a way to live a busy, purpose-driven life.
Also See:- Does the news that disability payments will go up in September 2024 have any truth to it?