Rising prices and economic turmoil are sending many retirees back into the workforce.

Sure, there are lucky folks who choose to go back to work after they’ve completed their home projects or burned through all the hobbies they’d been waiting to try. But for millions, economic need leaves them with little choice.

My recent column on “unretiring” drew some 1,400 comments about the hardships of making ends meet, the merits of going back to work, or why you’re grateful you haven’t had to.

The following is an edited sample of those comments, and my take on them. Feel free to weigh in, of course, in the comments section at the end of this sequel.

One reader wrote:

More older Americans are rejoining the workforce, often out of financial need due to failure to properly plan for retirement.  

Another added:

Inflation is too high and [the] interest rates retired people are getting on their CDs is too low.

Kerry: Inflation is creating headwinds for retirees. But in one regard, it might help. The latest inflation reading showing prices soaring due to the Iran war should mean a bigger increase in Social Security benefits next year.

The Social Security cost-of-living adjustment, or COLA, will increase to 3.9% in 2027, up from this year’s 2.8%, according to a new estimate from the Senior Citizens League. That means the average benefits check for retired workers would increase by $81.17, from $2,081.16 to $2,162.33.

The adjustment could provide some comfort to the more than 70 million retired senior citizens and disabled workers who have faced higher prices this year, but for many it still won’t be enough to alleviate ongoing budget concerns.

The Social Security Administration is expected to announce the official COLA in mid-October.

There was a theme in the comments about the need to work longer to make the money last through a longer retirement.

Retirement at 55-64? That’s fantasy. Other than injury or illness, I think most of us try to hold on till 69-70.

Another commented:

People are living longer; you can't retire at 55 unless you have millions in the bank.

The prospect of financing potentially decades without a paycheck is unrealistic for the vast majority of us.

A recent AARP report also found that some new retirees realized they simply retired too early.

The reality is that most Americans are oblivious to a core retirement planning statistic: how long they’re likely to live. As a result, they may fail to properly plan for the length of their retirement.

Only 1 in 3 Americans can correctly identify how long a 65-year-old will typically live, and workers who underestimate longevity tend to save less, plan less, and risk running out of money in what could be a 30-plus-year retirement.

In case you’re wondering, on average, a 65-year-old man in the US will live about 19 more years to age 84. And a 65-year-old woman will live about 22 more years to age 87.

The problem is still age discrimination — many people in their 70's and 80's are still very tech savvy and have tons of experience and knowledge; yet, they get passed over just because of a number. 

Ageism is alive and well in the workplace. Nearly a quarter of workers aged 50-plus feel like they are being pushed out of their jobs, according to a survey from AARP Research. About two-thirds have reported seeing or experiencing age discrimination in the workplace.

In another recent report, when pressed to pinpoint an age, many employers said workers are considered “too old” to work at a median age of 68. When it comes to hiring, the median “too old to hire” age drops to 65.

One brighter note from a reader:

I am 72 and still work full-time. My boss prefers to hire older people. We have the basic math skills needed in our industry. My boss pays a good wage, trains, a comfortable office in a good location, good benefits. We have problems finding younger people with good reading, English and math skills.

Let’s hear it for this enlightened manager:

There’s lots of older middle/lower class that work part-time for extra money [or out of] boredom. And if you are just going for lower-paying jobs, elders are getting jobs because most of us come to work and don’t spend the day on our phones. 

Another wrote:

In my experience, many are rejoining out of boredom. One gent I know went back because the extra income is nice, but he felt like he was aging faster by not working.

It’s not all about the money when you’re working at this stage of life. The extra income is a safety net that helps stave off dipping into retirement accounts, or allows some people to push back taking Social Security benefits.

Beyond that are the positive social and emotional benefits of working on a flexible schedule and having something to anchor your day. Plus, you can’t ignore the “use it or lose it” aspect of staying mentally sharp.

Have a question about retirement? Personal finances? Anything career-related? Click here to drop Kerry Hannon a note.

I own my home, car and have a nice rainy day account and investments to fall back on if something happens. I retired at 62 and started SS at 62 also. I wasn't a six-figure income either. I had lean years starting out. But I also didn't live beyond my means. I saved for things I wanted, put my raise into savings. Paid off my one CC every month. Paid cash for my car. My home had a 15yr mortgage so when I could, I paid more on the loan to get it paid off faster. If you plan right … you too can be sitting pretty.

One more:

I worked my way up from an inexperienced teenager into a middle-class lifestyle where I stayed until I retired at 62. I have no desire or need to return to work because I lived within my means and planned for living a good life in retirement. I've been retired for 8 years and my investments are worth more now than when I retired, and that's even with yearly withdrawals. I say this to tell you a secure retirement is possible but it's not going to happen if you spend all your money while you're working and just trust luck after you retire.

These readers are role models. Ideally, you should start getting lean and mean a few years before you retire if you haven’t been on top of it early. Scrutinize your budget. Pay down credit card debts and other large financial obligations.

Having a comfortable 401(k), or other retirement plan, matters — but so does having funds invested in easy-to-tap accounts if you’ll be using those savings for living expenses in the near future. Divvy up your retirement savings into money you need to live on in the short-term and a portion that can stay invested for a decade from now or longer.

Kerry Hannon is a Senior Columnist at Yahoo Finance. She is a career and retirement strategist and the author of 14 books, including "Retirement Bites: A Gen X Guide to Securing Your Financial Future," "In Control at 50+: How to Succeed in the New World of Work," and "Never Too Old to Get Rich." Follow her on Bluesky and X.

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