Almost one-third of retirees in the United States are considering taking on temporary work to help cover costs, according to a new survey from Indeed Flex.
Additionally, one-fifth of those polled (20%) have already returned to work, and 42% of working seniors who have never retired said they’re considering picking up additional temporary work on top of their regular jobs.
Retirees’ reasons for seeking temporary work varied, but 71.6% said it was due to the increased cost of living, and 20% said it was due to insufficient savings. Other reasons included personal fulfillment/keeping busy (39.7%) and desire for social interaction (35.8%). A smaller number, 6.7%, said they were seeking work for the health care benefits.
“Temporary employment can serve as a sustainable and long-term source of extra income,” said Novo Constare, CEO and co-founder of Indeed Flex. “Everyone has their own reasons for choosing to temp, however seniors with benefit from the flexibility that temping offers and the freedom to tailor their work schedule around their lifestyle.”
Inflation was unexpectedly high for the first three months of 2024. According to the Department of Labor, while inflation cooled slightly in April, prices were still up 3.4% compared to the year before. By comparison, the Fed’s inflation target is 2%.
Social Security recipients received a cost of living adjustment of 3.2% for 2024, or about $57 per month, which might not be enough to cover rising costs this year. According to a study from The Senior Citizens League, retirees saw their Social Security benefits lose 36% of their buying power between 2000 and 2023.
Additionally, job growth has been lackluster. According to the Bureau of Labor Statistics, the U.S. economy added 175,000 jobs in April, the slowest job gain in six months and below market expectations. Unemployment increased slightly from 3.8% to 3.9%.
All these factors might be pushing seniors to temporary work options. Indeed Flex, a platform for finding temporary work, saw a 70% jump in active users over age 62 last month compared to active accounts from January. Common temporary jobs on the platform include industrial work, like clerking in a warehouse; hospitality work, such as staffing events; facilities cleaning; and administrative assistant roles.
“The face of the temporary worker continues to evolve as a more diverse mix of people is taking on temporary work,” Constare said in the statement. “Flexible work continues to surge in popularity.”
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