The Retiree's Guide to Going Back to Work
Just 40 days after retiring from the NFL last winter, celebrated quarterback Tom Brady announced that he would return to the Tampa Bay Buccaneers for another season after all, citing his competitive spirit and unfinished business on the field.
Like Brady, some retirees are so drawn to their work that they can’t stay away for long. They may crave the sense of purpose or human interaction that a job can provide. And while Tom Brady doesn’t have to worry about running out of money, many retirees want to supplement their retirement income with a paycheck.
Lately, there’s been an uptick in the percentage of folks who “unretire.” In May 2022, 3.4% of people who said they were retired a year earlier had returned to work, according to the Indeed Hiring Lab, which provides research on the labor market. It’s not a staggering figure, but it’s an increase from the 3% average from 2017 through 2019.
What's Behind the Trend?
A tight labor market is one factor. In the spring, there were nearly two available jobs for every unemployed person. Employers are dangling incentives such as higher starting wages and signing bonuses to draw qualified candidates. And although ageism can still be an issue, employers are looking at older, experienced workers more favorably than they did in the past, says Chris Farrell, author of Rather than wonder when older workers are going to retire, managers are more inclined to, he says.
