Inflation is at a 40-year high. Many retirees are going back to work as they fear not being able to make ends meet….(read more)
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Inflation Driving Retirees Back to Work
Inflation, the persistent increase in the cost of goods and services, has always been a cause of concern for individuals and the economy as a whole. However, recent years have witnessed a new trend – retirees reentering the workforce due to the impact of inflation on their finances.
Retirement is typically seen as a time to relax, enjoy life, and reap the rewards of years of hard work. It is an opportunity to pursue hobbies, spend time with loved ones, and take a break from the daily grind. However, the rising cost of living is forcing many retirees to reconsider their plans and seek employment once again.
One of the main challenges faced by retirees is the erosion of purchasing power caused by inflation. As prices climb, the value of their fixed retirement savings diminishes. This means that retirees need more money to cover the same expenses they had planned for during their retirement years.
Inflation affects various aspects of retirees’ lives, including healthcare, housing, and basic necessities. Medical costs, in particular, tend to rise faster than the overall inflation rate, adding a significant burden for those on a fixed income. As retirees get older, their healthcare needs tend to increase, resulting in more frequent trips to doctors or specialists, more medications, and higher insurance premiums.
Additionally, housing costs continue to rise year after year. Property taxes, home insurance, and maintenance expenses all put a strain on retirees’ budgets. Coupled with the increasing cost of utilities and basic necessities like groceries, transportation, and clothing, retirees find themselves grappling with the dilemma of how to make ends meet.
For many retirees, returning to work is becoming a necessity rather than a choice. By rejoining the workforce, they can supplement their retirement income, bridge the gap created by inflation, and maintain a comfortable lifestyle. However, this transition is not always easy, as retirees face unique challenges in the job market.
While some retirees possess valuable skills and experience, others may struggle to find suitable employment opportunities. Ageism and the perception that older individuals are less capable or adaptive can hinder the job search process. Additionally, technology has evolved rapidly over the years, requiring retirees to learn new skills and stay updated to remain competitive in the job market.
However, despite these obstacles, many retirees are finding creative ways to reenter the workforce. Some opt for part-time or flexible jobs that offer a better work-life balance, while others explore freelance or consulting opportunities in their area of expertise. Others even start their own businesses, turning their hobbies or passions into a source of income.
Moreover, working in retirement can have positive benefits beyond financial stability. It provides a sense of purpose, promotes social connections, and keeps retirees mentally and physically active. Many individuals find the structure and routine of work fulfilling, allowing them to stay engaged and contribute to society while maintaining their financial well-being.
In response to the growing number of retirees seeking employment, some organizations and governments have established programs and initiatives specifically tailored to this demographic group. These programs aim to provide job training, promote age-inclusive workplaces, and help retirees navigate the job market effectively.
Ultimately, the phenomenon of retirees returning to work due to inflation highlights the challenges faced by this group in maintaining their desired quality of life. As the cost of living continues to rise, it is crucial for individuals and policymakers to address these concerns and ensure that retirees can enjoy a comfortable and dignified retirement without the fear of financial instability.
It's horrible. At the age of 72, no one wants to go back to proctoring students on their AP exam.
When
I'm a retiree and the only thing I want to do is stay retired. Rather hold up liquor stores and risk a shootout with the cops or owner than go back to a job. Fortunately, I don't have these concerns. It called planning ahead and being proactive.
What the hell is someone 73 doing paying rent? You would think she would have paid off a house at least a couple of decades ago.
Get a basic apt.that's to fancy.Geez
One more thing because a lot of people may not know this. She can purchase a home qualifying with retirement income only. She does not have to have a job. A lender will qualify her using her Awards Letters and 1099-R(s). But she will still need a down payment. However, she has savings for a down payment bc she said she's dipping into her savings $700-$800/month so her only hurdles appear to be having good credit scores and having the desire to move to an area with reasonably priced homed. She may have to relocate for that.
I usually reframe from commenting on videos but if she purchased a reasonably priced home she'd have much more disposable income. I know someone that purchased a New Construction 3 br/2ba home in a nice quiet area in Marion County FL (a few months ago) and their mortgage + property taxes & insurance is ONLY $880.00/ month. When she said the lady's RENT was $2,330.00 I thought, What?? It's her choice but why would she voluntarily fork over 80% of her hard earned retirement income to a landlord? Her landlord/property management company won't give 2 shits about increasing her rent causing her to be homeless. Come on people, we have to do our research and not be so willing to pigeon hole ourselves into bad situations. I know a lot of people watching this video won't have any sympathy for her because she "might not" be making wise financial decisions. But let's try to keep in mind that this was a 3 minute video and we may not have and/or know the full picture.
Crazy JOES AMERICA!
8% made you broke????
Those who voted for Biden are getting what they deserve!!!!!!
you people who are complaining about having to go back to work… haven't been paying attention! walmart, HEB and MANY corporations starting hiring retirees when sr. citizen RAYGUN became president! he didn't like the idea of a senior citizen golfing their afternoons away and drawing their HARD WORKED social security check that THEY earned after 50-60 years of work!!! you people obviously haven't been out…OR you didn't notice because you DON"T CARE!…cry me a river….
She said she saved for the last 20 years… she’s 73. So at 53 she starting saving ?!?
do not rent!!! Move until you can own!!!
She simply needs to rent a room in some lady's home. $2,400 a month for rent is ridiculous on her monthly budget. Get her rent to $800/mo., and she's good staying retired.
Oh my good she bought generic brand bread!
Wow. These boomers have always been so out of touch
You live in the wrong place if your rent is$2000 that’s a no-brainer you make 2900
She looks good for 73
LGB !
People voted for Biden even though he said gas prices would explode and inflation would happen and then they wonder whats happening, get what u vote for
Retirement is not a reality for those who did not get married. Most single people never typically retire and even if they do many become homeless. The Family has been destroyed and all are left to fend for themself as an individual
Can’t always delay retirement or re-enter the workforce. May not have the choice. Health issues can crop up out of nowhere as the body ages, even if you took care of yourself all of your life.
I hope they voted for Biden.
A lot of people are bad with money… less history and chemistry classes and phy-ed in school… more classes about money management and investment.
I'm sorry her rent is too high she needed to buy a house or something way back when before this all happened.. she had a great job ..she could have had the house paid off by now why would you rent at this age unless you have to and, even if you have to..there must be something lower than $2300.. if you have a two bedroom place go down to a one bedroom you got to make adjustments..
$2330 for rent?!!! At 70 years old!!! I’d move.
Still a renter at age 73? That's why. And what's wrong with buying generic? Gotta get some financial literacy.
Which is why 70% of millennials and Gen z are for a form of socialism
She could live incredibly comfortably somewhere in the midwest on 2900 a month.
8.5 percent. Yeah right. Try 25 to 30 percent inflation….. delusional media
I work in home care and get $12 an hour….they won’t raise it. It sucks
Also they need to stop raising medicare premium.. that caused the hardship for these seniors.