If you planned it right, retirement used to be something to look forward to after a lifetime of hard work.
In the Joe Biden economy, that is not always the norm anymore. Even in a normal economy, the thought of retirement can cause a bit of stress and anxiety.
But with historic inflation and seemingly no end in sight, more retirees are being pushed back into the workforce to make ends meet.
I know this from personal experience.
While not dramatic, the company Indeed’s numbers show 3.2% of retirees who retired just last year are already back working. Fox reports that the BMO Real Financial Progress Index shows 25% of Americans are delaying their retirement, thanks to inflation.
Also in the bad news column? According to the National Association of Realtors, housing is now in a recession. Home values make up a huge percentage of the wealth of the middle class.
Back in June, Barrons warned that retirees should be worried about inflation for the long-haul. Because so many retirees rely on a fixed-income, they bear the brunt of inflation hardest – unless they take steps to supplement their retirement income.
As in, going back to work. The AARP noted that almost 2 million Americans had to do so.
Michael Liersch, who is the head of wealth and investment management advice and planning at Wells Fargo, says, “… with things like inflation being at multi-year highs and then markets being challenged. It can really cause people to start questioning whether they made the right choice to exit the workplace.”
The Biden administration recently did a victory lap after the House passed the misnamed Inflation Reduction Act. Joe Biden stated on more than one occasion that “no one making under $400,000 would have their taxes raised.”
In reality, according to the Congressional Joint Committee on Taxation, nearly all Americans will see a tax increase in 2023. Those earning between $50,000 and $75,000 will see a $1.9 billion increase. Average tax rates will go from 20.3% to 20.6% just in 2023.
According to AARP, the biggest reasons retirees have gone back into the work force are inflation and stock market volatility. Sinem Buber is a lead economist at ZipRecruiter. He says, “The purchasing power of retirement savings is eroding every single month. This is quite new for them, and it’s scary.”
Retirees who have returned to the work force hits home for this journalist as well.
My husband went back to work. After spending 22 years in the health care field and being retired for a year, we watched his 401K slowly erode due to Joe Biden’s economy. He had been retired a little over a year, and went back to work.
He said, “It is very frustrating leaving a leisurely life and reentering the workplace, even if it is only part-time. Joe Biden’s policies have destroyed my 401K.”
He is among millions of retirees who wonder about 401K’s, money they spent years of their lives saving up. Will there be any to go back to once Joe Biden is comfortably retired in Delaware?
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