I'd rather sleep under a bridge.
But the problem is some of those former retirees who were pushed out of the workforce due to a layoff or accepted early retirement packages in the first year or so of the pandemic…
I’m going to go out on a limb and say that people are returning to work so that they can get money.
People get programed and institutional has just became their life and can't life without a job, so they have a purpose.That's probably the majority but notice the number of threads on this and other retirement forums by people who complain they aren't fulfilled if they aren't cogs in a corporate machine. Filling out TPS reports gives a lot of people a sense of purpose. It boggles the mind, but it's pretty common.
The shortage is not only due to pandemic job losses, but demographics are finally taking their toll. In the USA, Boomers are finally mostly out of the workforce and there aren’t near as many Zoomers to replace them - just pure numbers. IOW it’s not just “people don’t want to work” as some allege. Many countries, notably China, are now on the precipice of debilitating labor shortages due to simple demographics - a problem with no quick solutions. Birth rates can’t be “fixed” retroactively…Someone's got to work. All I see are "NOW HIRING" signs at nearly every business I pass. A brand new gas station/convenience store opened about a 1/2 mile from my home in a good/upscale neighborhood. The gas pumps are going strong but the convenience store is closed most of the time because they can't get workers. They are offering $16-$18 an hour to start for the average 'workerbee' and $1000 sign on bonuses for those hiring on as shift supervisors. This is just one example. There are numerous restaurants around me that have cut back the number of days they are open because of staffing shortages. I just don't get young people today.
Mike
https://www.forbes.com/sites/edward...worsen-labor-shortage-crisis/?sh=33df1d5b4686Labor data analysts today warned of a worsening “demographic drought” and its impact on a shrinking workforce and the American economy. The crisis, they said, is caused by a shortage of people projected to continue for the rest of this century and affect every business and region of the country. Their warning comes days after the U.S. Chamber of Commerce launched a campaign to address a growing shortage of workers.
The report takes an in-depth look at three pre-existing conditions that were made worse by the events of 2020, including the mass exodus of baby boomers from the workforce, record-low participation in the labor force by American workers who are 25 to 54 years old, and the lowest birth rate in U.S. history.
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.
The fact is, they weren't really "retired" in the first place; saying it doesn't make it so.
Very true.From time to time on this forum--and in real life-- we come across these idiots who haven't fully thought the whole FIRE thing through, not understanding that their $200k nest egg and $100k debt just isn't going to do it for them long term.
Sure, during Covid, a lot of folks were laid off, furloughed or fired and they got a glimpse of staying home, not having to go to a job they hated while receiving some sort of compensation...a cruel joke in a way. Now the money has run out, the credit cards are maxed and the bills are piling up.
The fact is, they weren't really "retired" in the first place; saying it doesn't make it so. If a market drop or a doubling of gas prices is forcing one to "unretire", then maybe you were too hasty in declaring RE in the first place.
I had a colleague with $2M NW but with over $150K in the annual expenses. He firmly believed that if he FIREed then he will NEVER run out of money. His reasoning: $2M is a LOT of money (which is but I tried to explain that it is not enough to support his lifestyle). Thankfully he kept working because he didn't know what he will do in FIRE.From time to time on this forum--and in real life-- we come across these idiots who haven't fully thought the whole FIRE thing through, not understanding that their $200k nest egg and $100k debt just isn't going to do it for them long term.
Sure, during Covid, a lot of folks were laid off, furloughed or fired and they got a glimpse of staying home, not having to go to a job they hated while receiving some sort of compensation...a cruel joke in a way. Now the money has run out, the credit cards are maxed and the bills are piling up.
The fact is, they weren't really "retired" in the first place; saying it doesn't make it so. If a market drop or a doubling of gas prices is forcing one to "unretire", then maybe you were too hasty in declaring RE in the first place.
Probably would workout just fine if he was 85+. Might even make it a bit younger if he counts SS.I had a colleague with $2M NW but with over $150K in the annual expenses. He firmly believed that if he FIREed then he will NEVER run out of money. His reasoning: $2M is a LOT of money (which is but I tried to explain that it not enough to support his lifestyle). Thankfully he kept working because he didn't know what he will do in FIRE.
From time to time on this forum--and in real life-- we come across these idiots who haven't fully thought the whole FIRE thing through, not understanding that their $200k nest egg and $100k debt just isn't going to do it for them long term.
Sure, during Covid, a lot of folks were laid off, furloughed or fired and they got a glimpse of staying home, not having to go to a job they hated while receiving some sort of compensation...a cruel joke in a way. Now the money has run out, the credit cards are maxed and the bills are piling up.
The fact is, they weren't really "retired" in the first place; saying it doesn't make it so. If a market drop or a doubling of gas prices is forcing one to "unretire", then maybe you were too hasty in declaring RE in the first place.
He was 50 at the time.Probably would workout just fine if he was 85+. Might even make it a bit younger if he counts SS.
I play golf with three "retirees" who work at a local golf course, and another who does Amazon deliveries and Ubers...A friend of mine recently went back to work because of to much spending and to little savings. He opted to cash out his retirement plan, rather then a pension, and found out you cant spend 10% per year and have it be sustainable.
So at 70 he's stocking shelves 20 hours a week for $15 bucks an hour.
I was joking but I'd agree, it's extremely unlikely that he'd make it retiring at 50, with 2m and a 150k spend rate even with SS. "Unless, he has a fabulous retirement annuity and/or knows his lifespan will be significantly limited.He was 50 at the time.
He was 50 at the time.
A friend of mine recently went back to work because of too much spending and to little savings. He opted to cash out his retirement plan, rather then a pension, and found out you cant spend 10% per year and have it be sustainable.
So at 70 he's stocking shelves 20 hours a week for $15 bucks an hour.
I play golf with three "retirees" who work at a local golf course, and another who does Amazon deliveries and Ubers...