The Daily Money: COVID's early retirees no longer say they'll return

Some Americans took the pandemic as their cue to retire early. Last year, many were mulling a return to the workforce. No longer.

Advertisement Read in browser The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW Thu Dec 7 2023 Daniel de Visé | Personal Finance Reporter Good morning! It's Daniel de Visé with your Daily Money. Some Americans took the pandemic as their cue to retire early. Last year, Paul Davidson reports, many were mulling a  return to the workforce, casting themselves as potential saviors of a labor market beset by severe worker shortages. No longer. Just 14.2% of retirees say they plan to go back to work, down from 18.2% in February 2022, according to a survey  last month by Morning Consult, a decision intelligence and research company. Among those who quit in the most recent two-year period, 29.1% say they'll come back, down from 34.4%. Perhaps more tellingly, 60.5% of retirees say they wouldn't return to work under any circumstances, up from a low of 48.1% in May 2022, the Morning Consult survey shows. Many have settled into post-career routines, and the forces that were luring them back, such as high inflation, a hot  job market and tumbling 401(k) balances, have abated, at least to some extent, says Jesse Wheeler, senior economist of Morning Consult.   The upshot: Don't count on retirees to solve COVID-related labor shortages that persist in industries such as health care and education, despite easing substantially across the nation.  In 2022, 4 in every 10 high school students failed to complete the Free Application for Federal Student Aid form, FAFSA, leaving almost $3.6 billion in Pell Grants unused, according to the National College Attainment Network. File illustration by Rick Nease/Detroit Free Press via USA TODAY Network A simpler FAFSA's coming. It won't necessarily make student aid easier. A simplified student financial aid form finally will be launched by year-end, Medora Lee reports. But it comes with a string of delays that will make getting financial aid  anything but simple, experts say.  The new Free Application for Federal Student Aid (FAFSA)  for school year 2024-25 will be shorter than in the past (just 36 questions compared to 108); allow you to transfer tax data directly from the IRS; and include new formulas that should grant more aid to more students. However, its availability to students and families comes about three months later than the usual Oct. 1 date, with the information sent to schools even later. Schools can begin receiving aid eligibility information by the end of January, the Department of Education said .  The delays, experts warned, mean students and families will receive their aid offers later and must decide more hastily which college to accept and put a deposit on by the May 1 deadline, in the best-case scenario. In the worst case, students may end up leaving money on the table, experts say.  "I do worry that the compressed process is going to result in students missing out," said Shannon Vasconcelos, Bright Horizons College Coach, a unit of child care operator Bright Horizons.  📰 More stories you shouldn't miss 📰 Takin' it to the streets: Washington Post workers prepare for historic strike amid layoffs and contract negotiations Secret Santa fails: We have a list of worst gifts you should never buy If you really don't care where you land: How to find last minute airfare deals McSpansion: McDonald's plans to open roughly 10,000 new locations, with 50,000 worldwide by 2027 🍔 Today's Menu 🍔 McDonald's, already the world's largest burger chain, announced plans to open an additional 10,000 restaurants around the world over the next four years, in what will be the fastest period of growth in the company's history. The announcement came Wednesday during a McDonald's investor update. According to a press release, the company is aiming for 50,000 restaurants by 2027. McDonald's says it already operates at least 40,000 locations globally. Of the new restaurants, 900 will be in the U.S., and the other 1,900 will comprise international, company-operated and franchised stores in Canada, Germany, the U.K. and Australia. An additional 7,000 stores will open internationally that are operated by licensees, the Associated Press reported, with more than half of those stores in China. About The Daily Money Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. COVID's early retirees no longer say they'll come back A declining share of people who retired early during the pandemic say they'll come back to work. Don't look to this group to help fix labor shortages READ MORE Advertisement McDonald's planning to open 10,000 new stores worldwide by 2027 McDonald's is targeting to have 50,000 stores open worldwide by 2027, adding 10,000 over the next four years. READ MORE Washington Post journalists call for historic 24-hour strike According to a letter to readers posted by The Washington Post Guild, a protest of this size has not been staged at The Post since the 1970s. READ MORE Ho ho ho or no no no? We have a list of the worst Secret Santa gifts Read to find out about the worst Secret Santa gifts people have received, as well as one expert's take on them. READ MORE Delayed FAFSA's could affect your college decision and aid. Here's how A new FAFSA for 2024-25 is due by year-end, about three months later than usual. The delay could affect how much aid you get and your college choice. READ MORE Worried you'll run out of money in retirement? Here are 3 moves worth making. It's a very serious concern for a lot of people. READ MORE Here's why this number may be Social Security's most important People approaching retirement should begin considering their break-even age to help decide when to claim benefits. READ MORE The top 1% of American earners have more wealth than the middle class More than one-quarter of all household wealth, 26.5%, belongs to the super rich, and their wealth is growing. READ MORE Children used sharp knives, power equipment at fined California plant A California poultry processor is accused of violating child labor laws by putting teens to work with sharp knives according to the Dept. of Labor. READ MORE Soda for a dog? Jones releases drink for canines (and 'adventurous' owners) The Jones Soda Company announced Tuesday they are expanding into the pet category with the launch of Jones Craft Dog Soda. READ MORE Advertisement Sign up for the news you want Exclusive newsletters are part of your subscription, don't miss out! 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