‘$8 for a box of cereal?’: This Florida retiree says ‘everyone’s looking for a job’ because many seniors can’t survive on Social Security alone — why they’re ‘nervous’ about their prospects

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.

“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.