Nearly 1 in 3 US Retirees Considering Work As Economy Drops

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A survey published in June 2024 found that almost 1 in 3 American retirees is considering going back to work because of the soaring cost of living.

The survey was conducted by Indeed Flex amongst participants aged 62 through 85, revealing that almost a third are considering taking on temporary work or un-retiring themselves because of how poorly the economy has performed in the last several years, according to Yahoo, citing MoneyWise. A further 42% of seniors who’ve yet to retire are considering adding extra work to their plates just to make ends meet. (LEARN MORE: Democratic City Alderman Says Open Border Caused Crime Surge)

“Price increases have occurred at a record pace in recent years. The average rate of inflation was 4.1% in 2023, 8% in 2022, and 4.7% in 2021,” Yahoo wrote in their analysis. “While Social Security cost-of-living adjustments (COLAs) are supposed to shield seniors against these increases and ensure they don’t lose buying power, those COLAs aren’t helpful for protecting the value of retirees’ savings and investment accounts outside of Social Security.”

Seniors Cite Health Concerns

A University of Michigan National Poll on Healthy Aging found in 2024 that worries over the cost of health issues is the top concern for older Americans of all demographics. Five of the six health-related issues that people found most concerning were related to healthcare costs, according to Newsmax, which cited the university’s poll. The sixth issue was also to do with money, as it related to scams and fraud. “In this election year, these findings offer a striking reminder of how much health care costs matter to older adults,” University of Michigan Institute for Healthcare Policy and Innovation director Dr. John Ayanian said in a press release.

Some 56% of people over the age of 50 said they are most concerned about the cost of medical care for older Americans. These include assisted living costs (56%), prescription medicine costs (54%), scams and fraud (53%) health insurance costs and Medicare (52%), and dental care (45%). (LEARN MORE: 55% Know Biden’s Policies Will Make Economy Worse)

Social Security Failing

Another study from the Senior Citizen’s League suggested that Social Security benefits lost roughly 36% of their buying power since the year 2000. “For many retirees, going back to work in some form is going to be their best and only move. If you have little savings and your Social Security benefits don’t stretch far enough, you’re better off getting a paycheck than spending down your investment accounts and ending up with nothing in the bank later in retirement when working becomes more difficult,” Moneywise wrote in their analysis, but this isn’t necessarily true.

Our nation is at a crossroads, dealing with pivotal issues that directly impact your daily lives – from ensuring fair and secure elections to fighting against inflation, the cost-of-living crisis, and advocating for secure borders. The strength of our community, the rights of our parents, and the protection of girls’ sports are not just political issues; they are the fabric of our society. It’s time to take a stand against crime, reform our institutions, and ensure the prosperity and security of our nation. (LEARN MORE: State Finds County Violated Election Law In 2022)

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