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Published: Sep 21, 2023 6 min read
photo illustration of a senior man going back to work after leaving his retiring behind
Money, Getty Images

Workers may fantasize about the day they can trade their office chair for a beach lounger, but a new study may make them rethink whether they want to fully retire at all.

Millions of retirees returned to the workforce after COVID-19’s mass retirement surge — and not necessarily for the money, according to a report from investment management firm T. Rowe Price. In a survey that included roughly 1,100 retirees, researchers found that about 20% are working either full- or part-time, a decision that they say benefits them more than just financially.

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Why retirees are going back to work

COVID-19 led to a huge increase in retirements in 2020 and 2021: The Federal Reserve of St. Louis found that there were over 2.4 million "excess retirees," or people who retired who weren't predicted to, as of August 2021.