Saturday 17 June 2023

Biden’s America: Majority Of Americans Expect To Work In Retirement, Poll Finds

 Think you’re retiring? Think again.

A new poll from Retire Guide has found that a majority of Americans (57%) see themselves working in retirement. In all, 43% reported they expect to work part time, while 14% expect to work full time.

“As adults approach retirement age, their expectation to work goes up. Adults ages 30–60 were 10% more likely to expect to work during retirement than those ages 18–29. This might suggest that the typical American can’t stay on track with their retirement plans over a long period,” the pollsters said.

The endless crunch since Biden took office — inflation soared 9.1% in June 2022 year-over-year and housing costs were 8.1% higher in April compared to a year earlier — has pinched seniors. Of course, Biden and Democrats have done nothing to address skyrocketing health care costs, which means older Americans are being hit from every side.

The poll found that over the last two years, just 3 in 10 people have stayed on track with their retirement plans. More than a quarter (26%) said they plan to retire later than they expected, and 18% will retire with less savings than expected.

Nearly 10,000 Boomers — born between 1946 to 1964, which means they are now 59 to 77 years — reach retirement age each day.

But in the age of Biden — with interest rates skyrocketing, and investment portfolios sagging — a lot of those older Americans are being forced to “unretire,” according to another recent survey.

“Unfortunately, the inflation-driven affordability crisis and the Federal Reserve’s interest rate hikes meant to combat inflation have driven housing costs higher,” USA Today reported this week. “As a result, retirees are moving back into the labor force. According to a survey by Paychex, 55% of retirees who went back to work said they did so because they needed more money, and 1 in 6 retirees is considering returning to work.”


“Most would want to work full-time (65%) instead of part-time (35%). This could be due to a need for more money — the reason cited by 53% of respondents,” Paychex reported. Some 55% of retirees went back to work because they said they needed more money.

Plus, Biden and congressional Democrats passed the so-called Inflation Reduction Act, which didn’t offer a bit of help for the rising cost of food, housing, or energy prices. The latest debt deal passed on Wednesday will also deliver no relief whatsoever.

It’s been a perfect storm hammering seniors. Along with the soaring cost of living, “many older adults find themselves in deteriorating financial positions due to massive stock market losses in 2022,” USA Today reported. Last year, more than $12 trillion in wealth disappeared as the Dow dropped 8%, the S&P 500 19.4%, and Nasdaq 33%.

An AARP survey late last year found more than a third of people 65 and older said their current financial situation at midyear was worse than a year before. That represented a massive jump from the beginning of 2022, when just 13% of that age group said so.

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