Can you imagine working all your adult life, finally retiring and then having to go back to work?
More and more Americans are facing just that. Soaring inflation, no corporate health benefits and unknown futures for their investments is driving retired employees back to the workforce. Inflation nearing the highest level in decades is pushing retired people back to the grind. Houstonian Ricardo Regalado is one of those former retirees. "In order to keep up with the cost of living, gas, groceries, things like that --- that's why we both went back to work."
Some retirees are working as part-time consultants, or going back to their previous positions leveling down their position and some are taking a chance by re-evaluating what they really want to do. Regalado's career included management positions and international travel. While he searches for a job in his areas of expertise, this is what he's doing now: "Teaching as a substitute teacher in order to keep up with the cost of living. The price of gas --- the price of EVERYTHING - is so high. Granted, it's not a full time career! My wife has gone back to working in the technical field of Oil and Gas." Regalado say his wife did go back to her professional field -- but at a lower salary.
The BMO Real Financial Progress Index reporting a quarter of Americans are delaying their retirement.