Baby boomers are extending their careers, creating a ripple effect on the job market for younger workers. While some, like LVMH’s Bernard Arnault, are holding onto their positions for as long as possible, others are “unretiring” after brief stints in retirement, realizing it’s not for them. A new study suggests that the shift to remote work could be driving this trend.
A survey by the not-for-profit organization Smart Energy GB of 2,000 Brits revealed that nearly 70% of workers over 60 are in hybrid roles, while the rest work from home full-time. Avoiding the daily commute has allowed many older workers to remain in jobs they might have otherwise left. Improved work-life balance has reduced stress levels, and many report feeling so energized by their flexible schedules that they’re starting side hustles alongside their full-time jobs.
Nearly 40% of baby boomers have taken on side gigs, with tutoring emerging as the most popular option. The survey also suggests that remote work has enabled today’s sixty-somethings to better prepare for retirement. A quarter of respondents have already adopted hobbies and interests they originally planned to explore post-retirement, all while continuing to work from home.
By cutting out the grind of commuting, baby boomers are enjoying the best of both worlds—maintaining their income while exploring gardening, walking, yoga, and other leisure activities. While many claim these new hobbies will eventually make stepping away from work easier, it’s clear retirement isn’t on their immediate horizon. Ninety percent say they are happy in their careers, 66% feel less stressed, and 94% report having a renewed zest for life.
Unretirement: A Growing Global Phenomenon
The trend of retirees returning to the workforce is on the rise. A survey of more than 6,300 U.K. adults by Standard Life, a major retirement and savings provider, found that 14% of baby boomers and late Gen Xers have already “unretired,” with another 4% considering it. Among women over 55, 16% plan to re-enter the workforce, compared to 21% of men in the same age group.
This isn’t limited to the U.K. In the U.S., the number of people working past 65 has quadrupled since the 1980s, according to Pew Research Center. Today, nearly 20% of Americans aged 65 and older are employed, compared to just 10% in the late 1980s. These older workers now make up about 7% of all wages and salaries in the U.S., a significant increase from 2% in 1987.
For many, the decision to keep working isn’t driven by a love of office life but by financial necessity. Concerns about affording retirement have prompted older workers to stay employed longer or take on part-time roles to bolster their savings. Thanks to remote work, these efforts are less exhausting than they were for previous generations.
“I’ve got decades ahead of me, knock on wood,” Renee Stanton, a 61-year-old IT worker scaling back her hours to pursue her passions, told Fortune. “I’m funding my ski addiction now.”
