Rising Costs Have Sent Retirees Back to Work

Via LearnVest By Cheryl Lock ~

coming out of retirementFor many retirees, the goal of stress-free days spent playing golf, traveling or visiting the grand-kids has been replaced with the harsh reality of needing to go back to work.

With the cost of everything from gas and food to healthcare and utilities on the rise, some 16.1% of Americans ages 65 and older were forced to stick to working life in 2010, according to census data.

Only 12.1% of Americans in the same age range were still working in 1990.

“A lot of people that have retired are coming back I know we’ve got several (clients) in their 60s that are still working, ”Steve Neelin, CEO of Quality Recruiting, a Rochester, N.Y.-based company, told Democrat and Chronicle. “They’re not high-paying jobs. The reason they’re working is more out of necessity.”

One other somewhat surprising element that has factored into many of these retirees futures is how their own kids are doing financially. As USA Today reports, “many of those entering retirement age were among the generation that begin waiting until later in life to start families. As those parents creep toward their golden years, their children aren’t as far along in their own lives as they were in generations past.”

That means rising college costs and the potential of having older kids move back home is hitting right when most would be starting to think about their own retirement.

LearnVest is the leading lifestyle and personal finance website for women.

 

 

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