Inflation hit a 40-year high in February. The share of people over age 55 either working or looking for a job rose to 38.9 percent in March from 38.4 percent in October, according to the Journal. People relying on pensions, fixed income or limited savings are now migrating back to the labor force.
The return of retirees to the workforce could be a warning to those near retirement who are trying to map out their incomes amid an uncertain financial future, including the aging physician population.
The average age of a physician was 53.2 years in 2021, and more than 2 in 5 active physicians will be older than 65 in the next decade, according to data from the Association of American Medical Colleges.
Many physicians were among the nearly 2.6 million Americans who retired earlier than expected between February 2020 and October 2021, according to the Journal.
Rising inflation costs could make it difficult for physicians considering a return to work to tackle practice expenses. As labor and supply costs increase, reimbursements have plateaued.
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.