Rising prices for essential items are forcing some older Americans out of retirement as the US inflation continues to hit new highs.
It is reported that nearly 480,000 people over the age of 55 have begun seeking employment in the last six months.
In comparison, 180,000 adults looked in the six months before the massive rises.
This rise is attributed in part to the outsized influence that inflation is having on people’s capacity to retire.
The government’s consumer price index, announced Tuesday, April 11, showed prices rose 8.5 percent in March compared to the previous year.
This is the fastest year-over-year inflation surge since December 1981, surpassing the 7.9 percent 12-month increase in February, which was a 40-year high.
One in every four respondents believes that inflation would be the single greatest danger to their retirement plans in 2022.
That is more than the sum of your fears about healthcare expenses, outliving your money, and job security.
Even before the epidemic, some seniors’ financial health differed.
On average, older employees without a college degree had roughly $9,000 in retirement savings, compared to $167,000 for those with a college degree.
In February, 3 percent of retirees re-entered the labor field, a trend that is projected to continue for months.