Inflation in the U.S. hit a 40 year high of 7.9%, which is causing financial problems for many seniors. Economists say that this is forcing many retirees back into the workforce. Thankfully, this may ease staffing shortages which has hit a number of industries. “We’re beginning to see the migration of the older cohort who expected to live on fixed income in a low interest-rate and low-inflation environment, Joseph Brusuelas, chief economist at RSM US LLP, told The Wall Street Journal. “Really what you’re dealing with is an inflationary shock that has elicited a change in behavior,” he said. The share of people over 55 either working or looking for a job rose to 38.9% in March from 38.4% in October. That translates to more than 480K people in that age group entering the labor force during the last six months.
