May 10, 2024
Ricky Bowman didn’t expect to return to the workforce at 66 years old — but he’s hoping to get back to painting in order to cope with the rising cost of living.
“Everything is almost doubled — I mean, $8 for a box of cereal?” Bowman asks in an interview with ABC Action News Tampa Bay.
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Bowman told ABC he’s just getting by with food assistance and his Social Security benefits at about $1,400 a month, but he’s had to cut out some things that he really loves, like fishing.
“[Getting a job] would make a huge difference because I’ll have enough to do things like go out to dinner once a month,” he says. “Just go places and do things.”
More seniors are coming out of retirement to make some extra cash amid inflated prices — but despite a strong labor market, experts say they’re having a hard time actually landing a job.
Seniors are concerned they can’t make ends meet
Many older Americans are finding their savings and Social Security aren’t enough to cover the rising cost-of-living.
Of course, Social Security benefits on their own can’t compensate — with the Social Security Administration noting they’re only supposed to account for 40% of your annual pre-retirement earnings.
But there are many seniors who are facing sticker shock at the grocery store and finding they’re running through their nest egg faster than they anticipated.
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“A lot of them are just really nervous,” case worker Melissa Heid told ABC Action News, noting that many of these older Americans don’t have families to support them either. “They are afraid that they aren’t going to be able to live and survive.”
A recent report from the Harvard Joint Center for Housing Studies reveals one-third of older adult households were cost-burdened in 2022, with nearly half of these households being severely cost-burdened.
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Older Americans struggling to find work
While the latest employment data seems to indicate the job market’s still holding fairly strong, some job seekers, including seniors, are struggling to find work.
Non-profit organization One Community Now in New Port Richey, which helps people in need, reports it’s seen an increasing number of seniors coming in who are seeking a job. So far, the organization has found work for just one senior at a Dunkin Donuts.
However, Heid adds fast-food industries are looking to hire younger folks who might be quicker on their feet.
“[Seniors] are having a hard time even finding a receptionist job somewhere,” she says.
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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.
