More and more Retirees are going back to work - because they have to! With inflation at a 40 year high, and a drooping stock market, thousands of happy retirees are having to find work again just to get by. Economist Dr. Peter Morici has some background.
"A lack of anticipation that things could go wrong - terribly wrong - and they have. The market is down more than 20%, inflation has taken away more than 10% of their income. So --- how many people can afford a 30% pay cut?"
Another Day Older and Deeper in Debt - Thanks, Joe Biden!
And because technology advances so quickly, they will have to take lesser jobs. So now thousands of American retirees are having to get dressed and go back to work. Watching the Biden administration, Morici could see it coming. "It's not surprising. A lot of people got out of the labor market sooner than they intended due to the Covid Lockdown. Now with Inflation, a sinking stock market, IRAs and Keoghs aren't worth as much as they use to be. They need to supplement their income."
According to Indeed, in just February, 2022, 3% of retirees re-entered the workforce.
That leads us to the poll question today.