Pat Archer, 73, retired from her accounting job in 2020 expecting to get by on around $2,200 in Social Security and a small pension. Instead, rising costs for groceries, gas, and diabetes medications forced her back into the workforce four years later. She now works as a concierge at an assisted living facility outside Boston.

Around 37% of Americans over 55 remain in the workforce, with financial need driving most returns to work. An AARP survey found 48% of retirees went back because they needed the money. The unretirement rate peaked at over 7% in 2022 and currently sits at 6.1% for those aged 55-64.

Geoffrey Sanzenbacher, a Boston College economics professor who tracks unretirement, noted that people with college degrees find jobs more easily — 44% of unretirees had bachelor's degrees compared to 37% of those who remained retired. As gasoline prices tick up amid the war with Iran, he expects more retirees will feel compelled to return to work.