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Millions are "Unretiring"
08-15-2022, 10:12 AM
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#1
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Recycles dryer sheets
Join Date: Nov 2006
Posts: 428
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Millions are "Unretiring"
I was surprised by the number of retirees returning to w*rk, including potential SS complications. It reminds me of the military maxim: " All plans are great until the first shot's fired".
"Roughly 1.5 million retirees have unretired and reentered the U.S. labor market over the past year, Nick Bunker, the director of economic research at Indeed Hiring Lab, told Yahoo Money.“That’s more than 3% of retired workers who have made the decision to return to work, a continuation of a trend that started in the spring of last year,” he said."
https://finance.yahoo.com/news/retir...112641391.html
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08-15-2022, 10:16 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 2,599
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Or, with so many open positions available, it may be tempting to work given signing bonuses or other perks of rejoining the work force. It does impact Social Security payments, tho'
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Only got A dimple, would have preferred 2!
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08-15-2022, 10:25 AM
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#3
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Full time employment: Posting here.
Join Date: Mar 2004
Posts: 526
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I have had various p/t jobs (15-20 hours/week) off and on during my four years of retirement. I like it. I hate to admit it, but I would do more volunteer work except for one fear. I worry about running out of steam to show up every time without a paycheck (however trivial) in return. Also, I need flexibility for ski season! I like to be able to drop everything when there's good snow, which is all too rare these days.
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08-15-2022, 10:26 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Nov 2009
Location: SF East Bay
Posts: 4,321
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I'm not sure that I'd trust the director of an employment outfit to give accurate figures on how many people are "unretiring". It's in his company's interests to promote this as a growing and fashionable trend. Also, out of those 1.5 million, if that is indeed* a reliable figure, how many -
1) Actually planned for retirement, got their figures wrong, and had to go back to work for the money,
2) Slipped out of the work force due to the pandemic, and are now finding their way back in (i.e. didn't plan on retiring at all),
3) Are going back to work, not for the money, but because they found they were getting a little bored being retired.
In other words, how does he define "retired"? We're coming out of a pandemic that did quite a number on employment figures. A lot of people are finding their way back into the workforce. I question how many of the 1.5 million quoted figure were willing retirees at the time?
*See what I did there?
__________________
Contentedly ER, with 3 furry friends (now, sadly, 1).
Planning my escape to the wide open spaces in my campervan (with my remaining kitty, of course!)
On a mission to become the world's second most boring man.
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08-15-2022, 10:33 AM
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#5
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,468
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Quote:
Originally Posted by Major Tom
I'm not sure that I'd trust the director of an employment outfit, to give accurate figures on how many people are "unretiring". It's in his company's interests to promote this as a growing and fashionable trend. Also, out of those 1.5 million, if that is indeed* a reliable figure, how many -
1) Actually planned for retirement, got their figures wrong, and had to go back to work for the money,
2) Slipped out of the work force due to the pandemic, and are now finding their way back in (i.e. didn't plan on retiring at all),
3) Are going back to work, not for the money, but because they found they were getting a little bored being retired.
In other words, how does he define "retired"? We're coming out of a pandemic that did quite a number on employment figures. A lot of people are finding their way back into the workforce. I question how many of the 1.5 million quoted figure were willing retirees at the time?
*See what I did there?
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My guess is that there are a lot more people in "2)" than we think! The past 2-3 years have been pretty crazy for many people, I think.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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08-15-2022, 10:42 AM
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#6
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Full time employment: Posting here.
Join Date: Jul 2018
Location: Valley of the Sun
Posts: 634
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My employer reached out to me and several other retirees offering part time (<19.99hr/wk) work. Currently I work for them ~15hr/wk on a schedule of my choosing.
I took SS shortly after my full retirement age so I am carefully monitoring my work so I can avoid the dreaded tax torpedo.
__________________
"... the astrologer who lived in a tumbled old tower up the valley, and put in his nights studying the stars. Every one knew he could foretell wars and famines, though that was not so hard, for there was always a war and generally a famine somewhere."
-- Mark Twain, The Mysterious Stranger
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08-15-2022, 10:48 AM
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#7
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,518
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This has been the norm for quite a few years. We’re just getting back to the “un-retirement rate” of the ore-pandemic era. https://news.yahoo.com/older-workers...210210212.html. Census bureau data has age breakdowns for those interested.
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08-15-2022, 11:02 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Posts: 3,046
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I'd rather sleep under a bridge.
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08-15-2022, 11:11 AM
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#9
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Recycles dryer sheets
Join Date: Nov 2006
Posts: 428
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Mods, we may have a Troll....
Quote:
Originally Posted by jim584672
I'd rather sleep under a bridge.
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08-15-2022, 11:58 AM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,373
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More boomers are of age to retire so that numbers go up. The pandemic has a huge effect on people returning to the work force for many different reasons. People that had a plan and could retire are entering the work force because of many reasons also and not all of them need the money. Boredom is the biggest culprit for returning IMO.
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08-15-2022, 12:17 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Feb 2021
Posts: 2,324
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Quote:
Originally Posted by Major Tom
2) Slipped out of the work force due to the pandemic, and are now finding their way back in (i.e. didn't plan on retiring at all),
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I suspect this is the bulk of it. People who hadn't planned to retire but were forced out either because their job closed or they left voluntarily rather than continue to expose themselves to COVID every day. Now that the risk is much lower thanks to vaccines and treatment options, they're comfortable rejoining the workforce.
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08-15-2022, 12:20 PM
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#12
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Recycles dryer sheets
Join Date: Sep 2008
Posts: 401
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Quote:
Originally Posted by jim584672
I'd rather sleep under a bridge.
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Same here
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08-15-2022, 12:22 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Oct 2014
Posts: 1,535
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Quote:
Originally Posted by MichaelB
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Thanks for this. The first question that came to mind when I saw this thread was "what is the yearly avg before COVID?" So basically "nothing to see here"!
__________________
-Big Dawg-FI since 9/2010. Failed ER in 2015. 2/15/2023=DONE! "Blow that dough"-Robbie
" People say I'm lazy, dreaming my life away Well, they give me all kinds of advice designed to enlighten me When I tell them that I'm doing fine watching shadows on the wall "Don't you miss the big time, boy. You're no longer on the ball" -John Lennon-
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08-15-2022, 12:44 PM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,197
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So the S&P is down ~10% and one has to go back to work. Sounds like very poor planning to me, or more likely that the stats aren't totally accurate.
The SS give back should not really be a surprise for DIY investors or those with an FA.
__________________
TGIM
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08-15-2022, 01:06 PM
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#15
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Thinks s/he gets paid by the post
Join Date: Oct 2010
Posts: 1,211
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Quote:
Originally Posted by Bigdawg
Thanks for this. The first question that came to mind when I saw this thread was "what is the yearly avg before COVID?" So basically "nothing to see here"!
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That's fairly consistent for articles on Yahoo's finance site.
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08-15-2022, 01:07 PM
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#16
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,518
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Quote:
Originally Posted by Bigdawg
Thanks for this. The first question that came to mind when I saw this thread was "what is the yearly avg before COVID?" So basically "nothing to see here"!
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Not new, but I think it’s still an interesting topic and relevant to us. I’d like to see analysis of why people return to work and not just write it off as “they didn’t plan well”.
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08-15-2022, 02:39 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Nov 2013
Location: Twin Cities
Posts: 3,927
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I’m going to go out on a limb and say that people are returning to work so that they can get money.
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08-15-2022, 05:09 PM
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#18
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Full time employment: Posting here.
Join Date: Feb 2019
Location: NC
Posts: 568
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Quote:
Originally Posted by jim584672
I'd rather sleep under a bridge.
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+1.
I see what you did there.
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08-15-2022, 05:26 PM
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#19
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Thinks s/he gets paid by the post
Join Date: May 2019
Posts: 2,637
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Quote:
Originally Posted by Dtail
So the S&P is down ~10% and one has to go back to work. Sounds like very poor planning to me, or more likely that the stats aren't totally accurate.
The SS give back should not really be a surprise for DIY investors or those with an FA.
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S&P was down around 23% at one point.
But then there's the 15% inflation on top of it over the last 2+ years, still high with prices continuing to climb quickly.
And it's not always a matter of having to go back to work, but choosing to because the budget won't allow as much discretionary spending as you were expecting, even if you can still cover the bills. I never retired, but it's the soaring inflation, which has NOT stopped skyrocketing yet, that has caused me to delay retirement to pad my discretionary budget. So, it's no surprise that some people would re-enter workforce for the same reason, even though their math is correct. So they save some more money so that they can travel further to find good pickleball opponents.
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08-15-2022, 05:32 PM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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Quote:
Originally Posted by Markola
I’m going to go out on a limb and say that people are returning to work so that they can get money.
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Yeah, easy button. Work for money, I sure ain't workin' for free!
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