American senior citizens are facing the brunt of soaring inflation and rising living costs by planning to return to work, according to a new survey.
The website ResumeBuilder surveyed 500 people between the ages of 62 and 85 and found that 12 percent of retired Americans will return to work next year.
Another 25% of retirees surveyed said they are still working.
No margin of error was provided for the poll.
The top reasons senior citizens are returning to work is due to increased living costs and inflation.
According to the survey, 34 percent of respondents said they did not have enough money to retire. Another 34 percent said they had debt to pay off and could not enjoy their retirement.
Seventeen percent of those surveyed said they work full-time, while 7 percent work part-time.
Meanwhile, a whopping 75 percent said they never stopped working.
Another 61 percent said they had returned to work since 2020, while 45 percent said they were forced out of retirement by the cost of living.
“Clearly, the driving factor for a majority of seniors returning to work is financial, but this is not the only reason for many,” said Stacie Haller, Resume Builder’s chief career advisor.
“In my own practice, I often meet with retirees who find that they miss the camaraderie of working with others,” she said.
“Many still want to be in the game and are not ready to just ‘play golf.’ Many are excited about trying something new.”
Another concern is the cost of prescription medications, which has increased by 311 percent.
The report also highlights price hikes between February 2022 and February 2023, such as eggs at 110 percent.
Congressman Troy E. Nehls wrote on X: “Since the day President Biden came into office, everything is up about 17%.”
—Overall inflation, +17.2%
—Food at home, +20.5%
—Eggs, +24%
—Milk, +16.7%
—Housing, +18.5%
"Since the day President Biden came into office, everything is up about 17%."
— Congressman Troy E. Nehls (@RepTroyNehls) December 15, 2023
—Overall inflation, +17.2%
—Food at home, +20.5%
—Eggs, +24%
—Milk, +16.7%
—Housing, +18.5%
Bidenomics in action! pic.twitter.com/qzngcndDWZ
The Western Journal noted that other grocery price increases included bread at 18 percent, coffee at 17 percent, and chicken at 10 percent.
The Georgia Sun reported that the shocking trend brings up “crucial issues such as the adequacy of retirement savings, the impact of inflation on fixed incomes, and the challenges older individuals face in the job market, including age bias.”
It also highlights how retirement has changed in recent times.
.Meanwhile, younger generations find their careers suspended as boomers fail to leave the workforce at retirement age.
Now, their return could hurt young workers.
