Retirees returning to work due to inflation and higher bills


Important Takeaways:

  • The Great Unretirement: How millions of senior Americans are heading back to work to pay the bills after soaring prices ate up retirement savings
  • When Joyce Fleming retired in 2019, she thought that she was finished with working.
  • But just a few years later, spiraling living costs have pushed the 70-year-old nurse back into the workforce in order to make ends meet.
  • The price of everyday essentials, car ownership, insurance and housing have soared in the last few years, driven by rampant inflation.
  • And she is by no means alone. One in eight retirees plan to return to work in 2024, according to a survey by – amounting to approximately 6.25 million Americans.
  • A recent study found that $1 million in retirement will only last just over 10 years in some states.
  • Nowhere in the US would the savings last longer than 22 years, 8 months and 12 days, the analysis by GOBankingRates found.
  • Experts recommend deferring taking social security as long as you can as claiming early results in a lifetime reduction in payments.

Read the original article by clicking here.