In 2020, Joe DiPastena felt confident enough to retire earlier than planned. But by 2022, he was having second thoughts.

"When the economy started to tank and my investments started to dwindle...I started to get pretty nervous," said DiPastena, who lives in Phoenix. "I didn't want to deplete my savings."

DiPastena, a 64-year-old freelance graphic designer, had considered himself semi-retired in early 2020, with a few clients. But once the pandemic lockdowns were in full swing, that work quickly dried up. Still, he was feeling good about retirement and felt his finances were in good shape.

But this year, his confidence began to wane.

After the S&P 500 gained 27% in 2021, the first half of 2022 has been one of the worst years in more than 50 years. DiPastena decided the best way to weather the storm was to return to work.

"I just kept on watching my investments go further and further down, and then my financial adviser was saying: 'maybe we ought to do this or that.' And it's like, 'well the best thing I can do is go get a freaking job,' " DiPastena said.