Yep, what Grumpy sez.
The other thing is, if the cord isn't retracting fully, the starter rewind spring needs a few turns more preload. This can also cause issues with the starter clutch.
Afterthought: Grumpy, those balls are intended to be run
completely dry. This is so that they don't stick in contact with the shaft when the engine fires, but are flung out of engagement by centripetal force quickly.
1976 Briggs Service & Repair Instructions:
Do not oil ball cavity area.
The drop of oil in the end of the crankshaft lubes a felt pad in the top of the ratchet, so that it won't spin at crank speed with the engine running, but can be held stationary by the starter pulley it's meshed with. If that pad is worn out/absent, that's another potential cause of the squealing.