Retirees Are Coming Back to Work
Almost one third of retirees in the U.S. are considering temporary work, says study
By Jolene Cleaver
So, you officially retired from your career and then decided to return to the workforce?
What now?
Well, you are not alone.
A May 2024 release citing polling data from Indeed Flex, an online job-seeking marketplace, noted almost one-third of retirees in the U.S. are considering temporary work.
Increased cost of living is the driving force behind why the aging population is considering un-retirement.
The report offered additional data points:
• One-third of retirees are considering between one and three shifts of temporary work per week;
• 42% of working seniors, who have never retired, are also considering layering on temporary work;
• Meanwhile, a fifth (20%) of those polled, have returned to work due to the rise of the cost of living.
Locally, those in the retirement and financial advisement sectors are also seeing the trend materialize.
“It is an increasing trend and there are a lot of reasons associated with that. It’s important for people to stay active and engage in the community,” said Michael Romano, the Oneida County deputy commissioner of family and community services. He also noted that in addition to returning to work, there are a lot of people opting to stay active by volunteering.
Many are entering the workforce to supplement health insurance, Romano said.
According to Anthony Hinds-Fritz — owner and president of Syracuse-based Evolution Retirement Solutions, LLC, a boutique financial services firm offering retirement planning — those returning to the workforce after retirement should do a bit of homework first.
In 2024, the earned income limit is $22,320 for those who have signed up for Social Security benefits before full retirement age.
“For every $2 earned above this limit, $1 is deducted from Social Security benefits if Social Security income is taken before the beneficiary’s full retirement age [usually between the ages of 66 and 67]. However, in the year your full retirement age is obtained, the earnings limit is $59,520. For every $3 earned above this limit, $1 is deducted from Social Security benefits. Finally, at full retirement age, there is no limit on how much earned income one can have while receiving Social Security,” according to Hinds-Fritz.
Around the region, others in the retirement advisement business chimed in.
“It’s important to put it in perspective,” said William Lane of William Lane Associates in Homer, a retirement adviser.
Lane, 84, is himself partially retired and writes a monthly column on Social Security and Medicare issues.
Lane said the retirement landscape has changed dramatically since the 1970s and 1980s when retirement was a final, solid decision for most people.
Now, retirement is seen as fluid.
With people living longer and living healthier, they are “having very good health into their 80s,” Lane said. “There are 65-year-olds retiring to take care of their 90-year-old parents.”
But there’s a catch.
With that longevity, means one has to have a plan to fund that longevity, no matter what the economy is doing.
“One of the biggest things people need to do is decide what they want to do after retirement. You need to have goals,” Lane advised. “If you say, ‘I’m going to spend the time working on the house’ and that only takes the first six months of retirement. Then what?”
So many workers today are not factory workers. Jobs can be flexible. There are even people who are reimagining their skill set from their career and working as consultants in all spheres. Retired nurses are even picking up shifts in urgent care centers, Lane said.
When it comes to managing finances, if you have questions about tax penalties, Lane advises to not just wait and see, but to meet with a financial adviser.
Regulations
“Most people who re-enter the workforce aren’t looking to make a lot of money,” Lane said, adding anecdotally how snowbirds often get a part-time job at a chain store so they can work six months of the year in New York and six months of the year at a winter home in Florida.
They are finding creative ways to manage this chapter of their life.
So, talk to a financial planner. Figure out what you need to earn, Lane said.
Workplace Stress Triggers: How to Spot Them, How to Cope
Workplace anxiety. Who hasn’t experienced it?
However, if that anxiety is so strong that it hurts your performance or lingers for months, you might have a problem, one expert says.
Physician Asim Shah, executive vice chairman in the Menninger Department of Psychiatry and Behavioral Sciences at Baylor Colege of Medicine in Houston, explains what can trigger workplace anxiety, how to manage it and when to seek professional help.
“The goal is not to suffer and not let your anxiety affect work performance. About 60% of people experience workplace anxiety. It is common, which means you can do something about it,” Shah said.
Workplace anxiety can be caused by surly co-workers, a demanding supervisor, small, annoying tasks or overwhelming major projects.
If you have workplace anxiety, you might notice signs like:
• Feeling overly anxious or nervous;
• Experiencing excessive sweating or trembling;
• Obsessing about a task;
• Having a lack of interest in your work.
“The anxiety becomes so overwhelming that you are unable to focus and concentrate,” Shah noted in a Baylor news release. “These feelings can impair your daily work functions.”
To manage it and help to reduce stress, Shah recommends:
• Break your tasks into small pieces;
• Set small goals throughout the work week and congratulate yourself for reaching them;
• Express your emotions. Journal how you feel. Talk, laugh or cry with someone you confide in;
• Start healthy habits and do things you enjoy;
• Work within your limits. Set boundaries with your workload.