Retirement in the 2020s: “Unretirement” Has Reached Phenomenon Status - Forbes
For most folks, retiring from a regular job, whatever the reason, is generally considered a “full stop” milestone. Shifting from the everyday working environment to a life of leisure was seen as a change to a new lifestyle with fewer (or at least different) stresses and commitments. It was something nearly everyone looked toward.
That type of thinking has undergone substantial change in the past few years. Forbes contributor Steve Vernon, in a post on their website, offers commentary on why this is so, drawing on reports from a T. Rowe Price survey finding that 1.5 million pandemic-era retirees have elected to return to the workforce. Vernon describes unretiring as “returning to work in some way after considering yourself retired” and provides insight into why many retirees are choosing this option.
It’s not surprising that financial reasons placed prominently on the list. The change from full-time employment can produce an economic shock that dictates the need for additional income to cope with cost increases not fully considered in retirement plans—think unexpected inflation levels—and those that accompany life changes, like illness or accidents that lead to extraordinary expenses. (Editorial Note: Although not mentioned in Vernon’s article, another factor lurking in many retirees’ minds could be the media’s constant chatter about the looming insolvency facing Social Security and the potential for substantial benefits in less than a decade.)
In any event, this post delves into the thinking behind the move to “unretire” and offers thoughts on why it happens and how to accomplish it. It covers the potential drawbacks facing those who rejoin the workforce after retirement and makes the point that such a move needs to be recognized as temporary. Overall, Vernon’s piece is a good analysis of one aspect of retirement that is growing in prominence. You can read the full article here.
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