Inflation has changed the economic landscape for seniors
of ConsumerAffairsBaby boomers have done things differently than previous generations. Not only do they prefer to age in their own homes, theyre working longer than the generations that came before. But working longer is not always a choice.
Research conducted by Indeed Flex, an online marketplace for flexible and temporary work, shows a significant number of baby boomers are reconsidering their retirement plans. Over a third (35%) of the aging U.S. population is uncertain about retiring this year due to financial constraints.
The study found that a substantial majority of baby boomers 88% are still engaged in the workforce, whether through full-time, part-time, or temporary positions. Nearly half plan to continue working throughout 2025, indicating a shift in the traditional concept of retirement age and potentially reshaping workforce dynamics.
The reason isnt that hard to figure out. High living costs, soaring housing prices, and escalating healthcare expenses are compelling many older Americans to delay retirement. Additionally, economic uncertainties, such as proposed tariffs on imports further cloud the financial pressures faced by this demographic.
The trend of "un-retirement" is also emerging, with 23% of retired individuals considering temporary work to supplement their income for leisure activities and socialization. The research suggests that tariffs could adversely affect retirement portfolios and increase everyday expenses, making it challenging for older Americans to rely solely on pensions or Social Security.
Open to temporary work
The survey found that 83% of the aging population is open to temporary work, with preferences leaning toward the retail, hospitality, and business support sectors. Over half are willing to work 10 to 20 hours per week, while 27% prefer more than 20 hours, and 14% opt for up to 10 hours.
Some businesses may be happy to have older workers stick around. For employers, the trend of older workers remaining in or re-entering the workforce may present valuable opportunities, such as extensive experience, a strong work ethic and problem-solving skills that are beneficial in a multigenerational workforce.
Novo Constare, CEO and co-founder of Indeed Flex suggests that older employees can leverage their expertise to fill temporary roles, meet seasonal demands, cover absences, or evaluate potential hires before long-term commitments.
Posted: 2025-02-18 11:53:52
