Mar 5, 2024
Joyce Fleming, a 70-year-old retired nurse, decided to head back into the workforce to combat rising costs.
In an interview on Fox & Friends, Fleming offered an example of a fence estimate that ended up being $2,000 more than what she was initially quoted back in 2019.
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Fleming, who resides in Lancaster, Pennsylvania, is now looking for a nursing job that’s closer to home — so she doesn’t have to pay more at the pump — and comes with a higher salary, to cover travel and home improvements.
“The cost of living skyrocketed after COVID-19,” she told The Wall Street Journal. “Prices are astronomical.”
Seniors are feeling squeezed by higher prices
The older workforce has roughly quadrupled in size to about 11 million since the mid-1980s, the Pew Research Center reported, pointing to higher education levels, better health and changes in retirement plans, like 401(k) offerings instead of pensions.
Even Social Security, which lifted the age that workers receive their full retirement benefits from 65 to 67, could be incentivizing older Americans to work longer.
But many folks who still retired from the workforce as planned are now heading back due to financial concerns.
According to a survey from online resume-building website ResumeBuilder, 1 in 8 retired Americans aged 62 to 85 are likely to start working again this year.
A whopping 61% of respondents said they’re being squeezed by inflation and the cost of living, while others said they didn’t save enough for retirement or they’re trying to pay off their debts with their potential job income.
However, money isn’t the primary motivator for everyone — more than a third of respondents said they’re returning to work to fight off boredom.
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“In my own practice, I often meet with retirees who find that they miss the camaraderie of working with others. Many still want to be in the game and are not ready to just ‘play golf,’” revealed ResumeBuilder’s chief career advisor Stacie Haller. “Many are excited about trying something new or something they always wanted to explore.”
Haller added that remote work has also created more opportunities for older Americans who can no longer manage the commute or spend long periods of time in the office.
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There are other ways to boost your income in retirement
For folks who aren’t quite ready to get back into a 9-to-5, there are alternative options to managing your costs in retirement.
You could consider working a “bridge job” — something temporary, with a bit more flexibility that still provides you with a little extra income. Working part-time or monetizing a hobby into a side hustle can be easy and efficient ways to partially re-enter the workforce.
You could also invest some of your savings to hedge against inflation, like in real estate or gold. You might even be able to get into commercial real estate and own shares of institutional-quality properties leased by national brands like Whole Foods and CVS.
Or, become a landlord yourself, tidy up your space and rent out that spare room or garage in your home.
You could also consider chatting with a professional. Speaking to a financial adviser who can evaluate your financial situation and set you on a roadmap can be the first step to creating sustainable wealth-building habits.
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Serah Louis is a reporter with Moneywise.com. She enjoys tackling topical personal finance issues for young people and women and covering the latest in financial news.
