Staff Reports
500 individuals between the ages of 62 and 85, found that approximately 12 percent of retirees plan to reenter the workforce next year. Additionally, almost 25 percent of seniors in this age group 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
— rtr09wjm (@rtr09wjm) December 15, 2023
The primary reasons cited for seniors returning to work are inflation and the increased cost of living, with 61 percent of respondents identifying these factors as their motivation. Lack of sufficient retirement savings was also a significant factor, with 34 percent of those surveyed admitting they didn’t have enough money saved to retire. Another 34 percent stated that they had debt to pay off.
Of the total respondents, 17 percent currently work full-time, while 7 percent work part-time. Surprisingly, 75 percent of this group claimed they had never actually stopped working. Among those who unretired, 61 percent had done so since 2020, with 45 percent attributing their decision to inflation and the rising cost of living.
The survey’s findings align with a May report released by the Senior Citizens League, which revealed that Social Security increases have not kept pace with inflation. As a result, the purchasing power of senior citizens has declined by 36 percent since 2000. The rising costs of essential items, such as prescription medications (up 311 percent), heating oil (up 279 percent), and Medicare Part B premiums (up 262 percent), have left many seniors feeling the pinch.
With the cost of living rising at a faster rate than Social Security payments, it’s no wonder that more and more seniors are reconsidering retirement and opting to join or remain in the workforce. As the financial challenges facing older Americans continue to mount, it is clear that Bidenomics is having a detrimental impact on the well-being of our senior citizens.
