Why So Many Retirees are Going Back to Work

senior man working in shoe store
Photo by Meruyert Gonullu from Pexels

During the pandemic we witnessed a phenomenon referred to as “The Great Retirement Boom,” with about 2.4 million additional Americans retiring in the first 18 months than in previous years. Now it seems many older Americans want to go back to work. According to CNBC, this trend is largely fueled by inflation and people citing that they need more money.  

Sadly, the number of older adults in the workforce has been growing steadily. In 2021, 25.8 percent of the workforce was aged 65-74 and 8.6 percent were 75 or older. By 2031 those figures are expected to reach 30.7 percent of ages 65-74 and 11.1 percent who are 75 or older.

Clearly, there is something wrong if so many people have who reached the traditional retirement age feel the need to continue working — or are leaving retirement and having to go back to work to make ends meet.The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment, and help ensure the solvency of this vital program.