Staff Reports
A significant number of American senior citizens are heading back to work. Out of 500 individuals between the ages of 62 and 85, 12 percent of those who are already retired plan to reenter the workforce in the upcoming year, while almost 25 percent are still currently employed.
Bidenomics: 12% of Retired Americans Plan Return to Work in 2024, Citing Rising Costs, Survey Shows via @WestJournalism https://t.co/ReZMwhySRw
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The top reason for seniors returning to work is the rising cost of living and inflation, with 61 percent of respondents citing these factors as their motivation. In addition, 34 percent of those surveyed admitted to not having enough money saved to retire, while another 34 percent said they needed to work in order to pay off debt.
That 17 percent of the surveyed seniors work full-time and 7 percent work part-time. Among this group, a whopping 75 percent stated that they had never stopped working. Furthermore, 61 percent of those who returned to work since 2020 explained that they had done so due to inflation and the increased cost of living forcing them out of retirement.
A separate report from the Senior Citizens League in May shed further light on the financial struggles faced by senior citizens. The report revealed that Social Security payments have failed to keep up with inflation, resulting in a 36 percent decrease in the buying power of seniors since 2000. During this time, Social Security payments increased by 78 percent, while the cost of living for senior citizens rose by 141.4 percent. The report also highlighted significant price increases in various essential items such as prescription medications (311 percent), heating oil (279 percent), Medicare Part B premiums (262 percent), and homeowner’s insurance (193 percent).
As the cost of living continues to rise, seniors are increasingly finding it necessary to return to work or delay retirement in order to make ends meet.
