1 in 6 Retirees Are Considering Going Back to Work

Americans of all ages struggle to cope with rising living costs.

Inflation has impacted most of our wallets, including retirees living on a fixed income. Many retirees rely on Social Security benefits to cover some or all of their bills. While some retirees have saved for retirement, not all are financially well-prepared for their retirement years. Rising living costs are making even those with retirement savings worried. Some retirees are considering returning to work to have more control over their personal finances.

1 in 6 retirees are considering reentering the workforce

If you're a retiree worried about money, you may be thinking of getting another job. If so, you're in good company. A recent Paychex study found that 1 in 6 retirees are considering returning to work.

More than half of those retirees said they're prioritizing remote job opportunities instead of in-person roles. Many retirees considering returning to work have financial motives for doing so. More than half (53%) said that they need more money, while 43% blame inflation for their reasoning.

Some retirees have already gone back. Of the survey respondents, 62% said they have returned to work since entering retirement. Of those retirees who have already returned to work, 55% did so because they needed more money, while 23% said they have a fear of outliving their savings.

Remote work could be a good option for aging retirees

Part-time and full-time work opportunities could help seniors increase their checking account balances. Luckily, remote jobs are more plentiful now than in years past. While many more remote work opportunities are available, workers of all ages compete for the same desirable roles.

That means it could be difficult for retirees to land a work-from-home job after being out of the workforce for some time. But that doesn't mean there aren't other options. For retirees struggling to land a remote job, it may be worthwhile to consider getting a side hustle instead.

Most side hustles are flexible, allowing retirees to maintain control of their schedules -- something they've likely gotten used to since leaving the workforce. Quite a few side hustles can be done remotely, too. There is something for all skillsets.

If you're a retiree looking to boost your income, you may want to consider getting a side hustle. The following articles may help you choose the right side hustle opportunity to explore:

• Five perfect side hustles for retirees
• Four high-paying side hustles to look at in 2023
• Eight of the best side hustles for 2023
• Four easy side hustles you could try in 2023
• Seven side hustles that could earn you $10,000 or more in 2023
• Five side hustles you can do on your own schedule

Rising living costs are a concern for many

You're not alone if you're feeling the strain of rising living costs. More than half of American households are struggling financially amid inflation. According to a 2022 study by Gallup, 55% of respondents said that rising prices have caused financial hardship for their households.

If you're a retiree concerned about whether you'll be able to cover all of your bills with your current income, there are resources available. Depending on your situation, you may even qualify for financial assistance. The AARP Foundation has an online tool that makes it easy for seniors to learn about resources in their community. Don't be afraid to reach out for help if you need it.