Posted 12/13/2023, 4:41:07 PM
Inflation Drives More Retired Americans Back to Work as Finances Squeezed
- 12% of retired Americans plan to return to work in 2024 due to inflation and rising costs, with 61% citing this as the reason
- Social Security benefits will increase by 3.2% in 2024, giving recipients an extra $59 per month starting in January
- A "financial vortex" of competing expenses has reduced retirement savings by 37% for many workers
- Only 36% of U.S. workers have 3+ months of emergency savings, leaving most at risk of derailing retirement goals
- Paying off high-interest debt with a personal loan at a lower rate could help some better prepare for retirement