Reckless spending and inflation are forcing
many Americans to 'unretire'
USA Today,
by
Patrice Onwuka
Original Article
Posted By: Moritz55,
5/30/2023 12:32:01 PM
Older Americans are increasingly ‘unretiring’ to deal with elevated prices and rocky financial positions. Unfortunately, financial insecurity from inflation may be here to stay.
Rising costs have turned grocery staples like eggs into luxuries for many people on a fixed budget. Prices seemed to be coming down, but recent data signal that the end of elevated inflation remains elusive. The consumer price index (CPI) rose 4.9% in April from a year prior. This is below the generational high of 9.1% in June 2022. However, overall CPI was flat from March after months of slowing price increases.
Reply 1 - Posted by:
john56 5/30/2023 12:37:20 PM (No. 1480816)
Yeah. I'm probably 5 to 8 months from retirement. Thanks, Brandon. I'm thinking ot moving my October date back to January 2024.
I fortunately have a couple of good pensions, 401K (that I smartly moved before Brandon screwed up the world), and social security, but yeah, I'm worried about burning through it pretty quick.
7 people like this.
Reply 2 - Posted by:
Flyball Dogs 5/30/2023 12:45:42 PM (No. 1480822)
Interesting article.
From USA TODAY, no less. (Surprised they printed it)
5 people like this.
Deficit spending which includes funding an endless war in which we should not be involved will do it every time!
6 people like this.
Reply 4 - Posted by:
DVC 5/30/2023 1:28:03 PM (No. 1480848)
We planned carefully for this, are still in good shape, not worried. But I know many people who never considered inflation as an important issue, a serious error, since the Dems did it to us in the late 70s, too.
And when the average 404K balance in the 50-59 age group is $175K, people are in deep, deep trouble.
Being a millionaire, meaning having $1,000,000 in solid, reliable investments can throw off around $60K per year, and absent inflation, that would be a good retirement if you live frugally. However, $175K invested well is going to produce income of, at very best, $15K or so per year. Even without inflation, that is pretty slim living....about $1,250 a month.....won't even pay rent in most places.
People haven't planned for retirement in any sensible, reasonable way. I always talk to anyone who will listen about this being a crucial need, but mostly it falls on deaf ears. One of my nephews has taken this to heart and has a substantial 401K investment account, many times the average for his 20-29 age group.
I am sorry for those people in this position, but I would ask, "Whose fault is this?" While no doubt the Uniparty and their inflation is a substantial wrong, it was predictable - but living on 75% of your income at age 30 onwards is "inconvenient" when you can spend 98% of it and have a bigger house, nicer car, better vacations.
The grasshopper and the ant is a fable from 3,000 years ago. Human nature doesn't change much.
6 people like this.
Reply 5 - Posted by:
Luandir 5/30/2023 2:07:06 PM (No. 1480870)
The combination of inflation and market decline has put our household in exactly this position. And finding a position in my fast-changing field after eight years of retirement is difficult at best.
FJB
5 people like this.
Reply 6 - Posted by:
DiegoDude 5/30/2023 3:18:14 PM (No. 1480911)
Thought about it, but decided to keep working. Once you're out of the workforce, it's tough to get back in.
7 people like this.
Reply 7 - Posted by:
nwcudagal 5/30/2023 3:18:46 PM (No. 1480912)
Whose reckless spending? Not mine. FJB.
5 people like this.
Reply 8 - Posted by:
Muguy 5/30/2023 3:31:39 PM (No. 1480921)
I joined the parade last year-- the rising value of my home was taxing me out of my home. There were many reasons being offered which had NOTHING TO DO with improvements made to make the home more valuable. It had to do with local entities seeing what OTHER recent home sales were valued at (which were not even in my own neighborhood!) and deciding to make the home's value rise.
After 6 years of "ownership" (do you really own your home when they tax you out of it?) the value was raised by 50%! So I downsized, by taking my equity and buying smaller at a rate which will NOT put me out on the street now that my wife and I are both "retired".....
I went back to work after being retired for five years as the Vegetable made my "cost of LIVING" which was spirally out of control after one year causing the loan rates to EXPLODE after we sold trying to 'control the climate'. Our house payment in now WELL BELOW what it was, and we can breath again.
I pray my fellow Americans can survive while literally MILLIONS of ILLEGAL Aliens are allowed to INVADE our nation in an effort to BREAK DOWN the infrastructure and its financial supports to feed, clothe, house, education, and pay for those never budgeted for or intended to be squatting in our nation.
They will get free medical care, welfare, and social security without paying into it... BJ Clinton established "E-Verify" yet it is not used and enforced.... almost NOTHING is actually enforced anymore leading to "smash and grab" crime and attempts to fence the stolen items....
How much longer are we going to keep our head in the sand and expect some political person to "save" U.S.?????
7 people like this.
Reply 9 - Posted by:
Strike3 5/30/2023 10:02:25 PM (No. 1481171)
The urge to go back to work hits many people but don't do it. Your time now is too valuable and the thought of paying more federal income taxes to support leftist madness keeps most of us poorer but happier. I learned to live a simpler life and it's much less stressful.
2 people like this.
Reply 10 - Posted by:
mifla 5/31/2023 6:04:32 AM (No. 1481312)
Explains why I keep seeing 70 year-old employees bagging my groceries at the local market.
I know that life is not fair, but this really, really infuriates me. Work for years, save your money and the politicians come along and screw things up. When you complain, they simply laugh at you or call you some vile name.
1 person likes this.
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