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Study: Older adults in Pennsylvania returning to the workforce amid inflation

Mangla says the stock market plummeting could also play a role. Americans may see that their retirement accounts aren't doing as well as they expected.

HARRISBURG, Pa. — In a study conducted by Magnify Money analyzing US Census Bureau data, it found that older adults are making their return to the workforce.

In May 2020, 19.5% of Americans 65 and older had jobs.

However, in May of this year, that number increased to 22%.

"We've seen inflation go through the roof and a lot of Americans may simply need to work longer to make ends meet," said Ismat Mangla, Executive Editor for Magnify Money.

Mangla says Pennsylvania ranks third in the highest jump of older adults coming back to the workforce.

"It could be also the jobs that are available in Pennsylvania," she said. "In some rural states there may not be as much availability as a big state like Pennsylvania."

Mangla says the stock market plummeting could also play a role. Americans may see that their retirement accounts aren't doing as well as they expected.

Despite the current economy, the job market is booming.

"In April 2020 the unemployment was around 14.7% so it really spiked up by April 2022 that number was down to 3.6%," Mangla said.

While older adults are coming back to the workforce, she says some also have an entrepreneurial spirit.

"26% of Americans 65 or up are actually self-employed so older Americans like to or have the ability to work for themselves," she explained.

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