{"id":2605,"date":"2022-06-17T13:14:37","date_gmt":"2022-06-17T05:14:37","guid":{"rendered":"https:\/\/www.pacificprime.lat\/blog\/?p=2605"},"modified":"2024-04-30T11:45:51","modified_gmt":"2024-04-30T03:45:51","slug":"why-unretirement-is-rising-in-popularity","status":"publish","type":"post","link":"https:\/\/www.pacificprime.lat\/blog\/why-unretirement-is-rising-in-popularity\/","title":{"rendered":"Why \u2018unretirement\u2019 is rising in popularity"},"content":{"rendered":"

Whether it\u2019s through a pension fund, retirement savings, moving abroad, downsizing one\u2019s home, or even all of the above, many people actively make financial plans for when they\u2019ll reach the retirement age and can finally stop working. But did you know that there\u2019s a growing number of them not ready to give up work? In this <\/span>Pacific Prime Latin America<\/span><\/a> article, we\u2019ll tell you all about the latest trend called \u2018unretirement\u2019 and the reason why it appeals to so many people.\u00a0<\/span><\/p>\n

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\"Individual<\/a><\/p><\/div>\n<\/span><\/p>\n

Definition of unretirement<\/span><\/h2>\n

Let\u2019s start with a dictionary definition of the term. Unretirement is when retirees, or people close to the retirement age, opt to continue to be part of the workforce. The circumstances behind this decision vary, and depend on the person’s financial, mental, physical or even social status. While some may not be able to afford retirement, others may feel bored and without a purpose when not working.\u00a0<\/span><\/p>\n

More people are \u2018unretiring\u2019 this year compared to last year<\/span><\/h3>\n

In the US, <\/span>a CNBC article reports<\/span><\/a> that the level of workers who retired then came back to the labor force one year later is around 3.2% – which is where it was before the COVID-19 pandemic. During the pandemic\u2019s worst days, the unretirement level stood at 2%. These figures represent a clear bounce back. According to a <\/span>new survey by CNBC<\/span><\/a>,\u00a0<\/span><\/p>\n

68% of the workers who retired during the pandemic would now consider returning to work. And a staggering 94% of those who left the workforce but never officially retired would do the same.\u00a0<\/span><\/p><\/blockquote>\n

Factors influencing the rise in popularity of unretirement<\/span><\/h2>\n

From pandemic-induced layoffs that need filling and health scares that are slowly subsiding to the global economic crisis and more, all of these factors come together to create the perfect conditions for unretirement. So much so that many are coining this phenomenon \u2018The Great Unretirement\u2019, taking inspiration from another trend known as \u2018The Great Resignation\u2019 where people quit their jobs en masse.\u00a0<\/span><\/p>\n

Here are the factors that are influencing the rise in popularity of unretirement:<\/span><\/p>\n